Founded in 1921, LBC provides insurance coverage, services, and risk management tools to high-net-worth individuals across the US, Europe, the Bahamas, and the Caribbean.
Following the transaction, the LBC team is set to remain in its current location but under the direction of Patrick Kennedy, head of Eastern retail property and casualty brokerage operations at Gallagher.
Patrick Gallagher Jr, chairman, president, and CEO at Gallagher said: “I am delighted to welcome Jeff and his team to our growing global company.
“The LBC team has earned a great reputation for its expertise in serving emerging affluent and high-net-worth clients, and this provides us an opportunity to expand our high-net-worth practice in a key market.”
Headquartered in Illinois, Gallagher now has operations in 57 countries and offers client service capabilities across 150 countries through a network of correspondent brokers and consultants.