Arthur J Gallagher (Gallagher) subsidiary Risk Placement Services (RPS) has bought managing general agency RHP General Agency.
Texas-based RHP specializes in residential property insurance. Greg Vanek, who has served as RHP CEO since 2017, and his team are expected to remain with the business in their current location, overseen by Russell Duffey, head of RPS’ program administration division.
"RHP is a highly regarded agency that enhances our capabilities in the residential property space and provides strong cross-selling opportunities," said J. Patrick Gallagher, Jr., Gallagher chairman, president and CEO. "I am delighted to welcome Greg and his associates to our growing, global team."
Terms of the transaction were not disclosed, Gallagher said in a news release.
The deal is Gallagher’s latest in Texas. In April, it confirmed the acquisition of Wichita Falls-based Boley-Featherston Insurance, a retail agency specializing in oil and gas, construction, healthcare, and benefits consulting.
Earlier this month, Gallagher snapped up Leavitt Group LA agency LISLA, in a deal described as “an exceptional situation and not part of a strategy” by Leavitt.
Other recent Gallagher buys have included Nebraska-based Quality First Insurance, Arizona-based Viking Bond Service, and Indiana-headquartered Stewart, Brimner, Peters & Company.
In April, it made its largest HR benefits acquisition to date when it purchased Buck, valued at $660 million. With clients across the US, UK, and Canada, the Buck buy added 2,300 employees to the business.
“Together, our complementary strengths within retirement, benefits consulting and administration services will enhance the value we deliver to our clients, and our collective expertise will provide tremendous opportunities for growth,” Pat Gallagher said of the Buck deal in April.
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