Madison Risk & Insurance Services in Huntington Beach has been acquired by Itasca, Ill.-based Arthur J. Gallagher & Co. on undisclosed terms.
Madison provides retail insurance brokerage services exclusively for the healthcare industry. It specializes in coverage for physicians, hospitals, health systems and others.
The firm was founded in 1997 and is headed by Anthony and Kathryn Bowen. Its employees, the number of which was unavailable, are expected to continue operating from Huntington Beach. James McFarlane, head of Gallagher’s Western retail brokerage operations, will oversee Madison.
Gallagher is among the largest insurance brokerage and risk management services firms in the world, with operations in 30 countries. It has about $7.9 billion in market capitalization.
