Roughly 2,300 employees to join global insurance brokerage
American global insurance brokerage Arthur J. Gallagher & Co. has reached an agreement to acquire Buck, a provider of retirement, HR and employee benefits consulting and administration services.
The transaction is expected to close during the first half of 2023, subject to customary regulatory approvals.
Gallagher provides “a comprehensive suite of products and services that allows employers to attract, engage and retain talent,” said J. Patrick Gallagher, Jr., chairman, president and CEO. "Through the complementary strengths of Buck's defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen and enhance our client offerings."
Buck has more than 2,300 employees, including more than 220 credentialed actuaries, serving customers throughout the US, Canada and the UK. A global insurance brokerage, Gallagher has roughly 31,000 employees.
Recently, Gallagher reported that compensation, burnout, and pandemic-related downturn are the three main drivers of turnover in 2022.
Jack Freker, CEO of Buck, called the deal a “noteworthy milestone.”
“Together, we’ll continue to build upon our excellent market reputations, breadth of talent, commitment to DE&I, and client-first mindset as we serve many of the world’s leading corporations and brands.”
While many employers have put a focus on staff wellbeing, many employees aren’t happy with the results, according to a survey by Buck earlier in 2022.
