Arthur J. Gallagher & Co. AJG has acquired Insurance Plans Agency, Inc. for an undisclosed amount. The company intends to enhance its employee benefits brokerage and consulting services in the North Central region of the U.S. through this buyout.South Barrington, IL-based Insurance Plans Agency was founded in 1983. The retail insurance broker offers employee benefits products and consulting services along with commercial property/casualty insurance services. The company serves both business and individual clients across the U.S. Insurance Plans Agency specializes in employee benefits products that include formation and implementation of customized benefit solutions and strategic planning. The company also offers services like wellness plans, human resource and compliance support. Thus, the buyout will further boost the already robust inorganic growth portfolio of the acquirer. Post acquisition Insurance Plans Agency will continue to operate from its current location.Insurance Plans Agency’s strong client relationships, almost identical sales culture and depth of expertise will be substantially value accretive to Arthur J. Gallagher’s client portfolio. In addition, the acquired company’s capabilities, with respect to evaluation and providing alternative benefit solutions for its clients, will complement the acquirer’s thriving employee benefits brokerage and consulting services. This marks the eighth takeover by the company this year. Recently, Arthur J. Gallagher purchased Charles Allen Agency, Inc. to enhance its brokerage services in Midwest region of U.S.Arthur J. Gallagher, which currently carries a Zacks Rank #2 (Buy), is well known for its spree of strategic acquisitions to strengthen its growth profile. The company evolved from a small retail presence in Australia, Canada and New Zealand to one of the top five brokers. Interestingly, the buyouts are almost exclusively within the brokerage segment. Arthur J. Gallagher has accelerated its acquisition activity in the retail employee benefits brokerage and wholesale brokerage areas to improve its growth momentum.Following the inorganic route to ramp up one’s growth profile seems a well-accepted strategy among insurers as acquisitions and consolidations rage this space. Recently, Marsh & McLennan Agency LLC (“MMA”), the middle market agency subsidiary of Marsh & McLennan Companies, Inc. MMC, acquired Corporate Consulting Services, Ltd. for an undisclosed amount. Also, Sun Life Assurance Company of Canada, the wholly owned subsidiary of Sun Life Financial Inc. SLF acquired the employee benefits business of Assurant Inc. AIZ for $940 million.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MARSH &MCLENNAN (MMC): Free Stock Analysis Report GALLAGHER ARTHU (AJG): Free Stock Analysis Report SUN LIFE FINL (SLF): Free Stock Analysis Report ASSURANT INC (AIZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research