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Re/insurance broker Arthur J. Gallagher & Co. has acquired California-based Cornerstone Commercial & Personal Insurance Services, Inc. (Cornerstone) in an undisclosed transaction.
Cornerstone has been serving both commercial and personal clients, particularly in San Bernardino and Riverside counties in California.
The agency’s specialisation in commercial real estate, construction, and homeowners associations is expected to bolster Gallagher’s operations in these sectors.
According to the announcement, the current Cornerstone team, which includes Phil Hakopian and Allison Hakopia, will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations.
J. Patrick Gallagher, Jr., Chairman and CEO, commented: “Cornerstone is a highly regarded agency whose expertise in the homeowners association niche will enhance our capabilities in the region. I am delighted to welcome Phil, Allison and their associates to Gallagher.”
This acquisition is part of Gallagher’s ongoing expansion strategy. One of its recent acquisitions include The John Galt Insurance Agency, an independent insurance agency providing full-service property/casualty insurance coverages in Florida.
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