Gallagher buy gives it reinsurance entry; Acquires N.J.'s John P. Woods as `cornerstone'.(insurance broker Arthur J. Gallagher & Co. buys John P. Woods Co., a reinsurance intermediary)(Brief Article)(Statistical Data Included)

Crain's Chicago Business, September, 2000 by ZOLKOS, RODD

Arthur J. Gallagher & Co.'s acquisition of reinsurance intermediary John P. Woods Co. gives the Itasca-based insurance broker a beachhead in a growing market. Woods will be Gallagher's ``cornerstone or the hub of building that particular niche,'' says Gallagher Executive Vice-president Michael Cloherty.

New Jersey-based Woods was the largest privately held U.S. reinsurance intermediary, representing more than 100 client companies ceding more than $700 million in reinsurance premiums to reinsurers worldwide. For the fiscal year ended June 30, 1999, Woods posted $25.1 million in gross revenues, ranking 10th on a list of the world's largest reinsurance brokers compiled by Crain's sister publication Business Insurance. That's about double Gallagher's reinsurance...

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