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Arthur J. Gallagher acquires California-based retail P&C insurance agency

Arthur J. Gallagher & Co. has acquired Simi Valley, Calif.-based Thomas Costello Insurance Agency Inc.

Terms of the transaction were not disclosed.

Tom Costello and his associates will continue to operate from their current location under the direction of Scott Firestone, president of Arthur J. Gallagher's Southwest region retail property and casualty brokerage operations, and Norbert Chung, president of Western region employee benefits consulting and brokerage operations.

Thomas Costello is a retail property and casualty broker, as well as an employee benefits consultant and broker. It offers commercial and personal coverages to clients primarily across Southern California.