Gallagher Brings Woodruff Sawyer Under Brand in $1.2bn Deal
•February 18, 2026
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Companies Mentioned
Why It Matters
The deal strengthens Gallagher’s U.S. brokerage footprint, expands specialty risk capabilities, and drives cost efficiencies in a consolidating market.
Key Takeaways
- •$1.2bn acquisition fully integrated under Gallagher brand.
- •Woodruff Sawyer adds $268m revenue, $88m EBITDAC.
- •Integration targets management liability, construction, real estate risk.
- •Expected $150m integration costs over three years.
- •Expands Gallagher’s US P&C specialty expertise.
Pulse Analysis
The insurance brokerage landscape in the United States is entering a phase of rapid consolidation, and Arthur J. Gallagher & Co.’s $1.2 billion purchase of Woodruff Sawyer exemplifies that momentum. By folding the San Francisco‑based firm into its own brand, Gallagher not only expands its footprint across 14 U.S. offices but also deepens its presence in high‑growth specialty lines such as technology, construction and private‑equity‑backed real estate. The deal pushes Gallagher’s U.S. retail property‑and‑casualty (P&C) platform into the top tier of market share, positioning the firm to compete more aggressively with rivals like Marsh and Aon.
Woodruff Sawyer brings a proven niche capability set—commercial property, casualty, employee benefits and risk management—to Gallagher’s broader portfolio. The broker reported pro‑forma revenue of roughly $268 million for the year ending December 2024 and an EBITDAC of $88 million, figures that are expected to improve once anticipated synergies materialize. Integration costs, projected at $150 million over three years, reflect the complexity of aligning technology platforms, underwriting processes and talent retention programs. Nevertheless, the combined entity can leverage Woodruff Sawyer’s strong client relationships in the middle‑market segment to cross‑sell Gallagher’s global market access.
For clients, the merger promises a single point of contact for a wider array of risk solutions, from management liability to construction risk, while maintaining the boutique service level that Woodruff Sawyer cultivated. Industry observers see the move as a bellwether for further M&A activity, as large brokers seek to fill gaps in specialty expertise and accelerate digital transformation. Gallagher’s ability to capture operational efficiencies and deliver consistent underwriting capacity will be a key metric in the coming years, influencing pricing dynamics and competitive positioning across the U.S. P&C brokerage market.
Gallagher brings Woodruff Sawyer under brand in $1.2bn deal
Global insurance brokerage Gallagher has completed the integration of specialist brokerage Woodruff Sawyer, bringing the San Francisco-based firm fully under the Gallagher brand following its previously announced $1.2bn acquisition.
The integration marks the final stage of Gallagher’s acquisition of Woodruff Sawyer and is designed to strengthen its position in the US insurance brokerage market, according to InsurTech Insights.
By fully absorbing the business into its operations, Gallagher aims to broaden its sector expertise, deepen client relationships and unlock operational synergies across its property and casualty offerings.
Woodruff Sawyer is recognised for its focus on commercial property and casualty insurance, employee benefits and risk management services. The firm has built a strong reputation serving middle-market and large organisations, particularly in sectors such as technology, construction, real estate and private equity. Prior to the acquisition, Woodruff Sawyer operated 14 offices across the US and maintained a presence in the UK.
Gallagher is one of the world’s largest insurance brokerage, risk management and consulting firms, providing services to clients across commercial, industrial and public sector markets. Its US retail property and casualty brokerage operations form a core part of its business, offering tailored risk solutions and access to global insurance markets. The integration of Woodruff Sawyer further enhances Gallagher’s depth in specialist risk areas.
Following the completion of the integration, Andy Barrengos, who has been leading the Woodruff Sawyer team, will now operate within Gallagher’s US retail property and casualty brokerage operations. He will do so under the oversight of Peter Doyle, aligning leadership structures as the two businesses are fully combined. The move is expected to bolster Gallagher’s capabilities in management liability, construction and real estate risk solutions.
Financially, Woodruff Sawyer reported pro forma revenue of approximately $268m for the 12 months ending 31 December 2024, alongside EBITDAC of $88m when factoring in expected synergies. Integration and non-cash management retention costs are projected to total around $150m over a three-year period, reflecting the scale and complexity of the transaction.
The acquisition and subsequent integration represent a strategic step for Gallagher as it continues to consolidate its US brokerage footprint. By bringing Woodruff Sawyer fully under its brand, Gallagher is seeking to enhance its expertise in key specialty sectors, expand its service offering to both existing and new clients, and capture long-term operational efficiencies.
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