Arthur J. Gallagher & Co. AJG has acquired Charles Allen Agency, Inc. for an undisclosed amount to enhance its brokerage services in the Midwest.Waite Park, MN-based Charles Allen Agency was established in 2010. The retail insurance broker offers commercial surety bonding and insurance services to clients across the Midwest region of the United States. The company specializes in insuring the construction industry. Charles Allen Agency is an industry expert and boasts strong presence in the region where it operates. Thus, the buyout will further boost the already robust inorganic growth portfolio of the acquirer. Post acquisition, Charles Allen Agency will continue to operate from its current location.Charles Allen Agency’s exemplary client service, robust market relationships and depth of expertise will be substantially value accretive to Arthur J. Gallagher’s client portfolio. This marks the seventh takeover by the company this year. Recently, Arthur J. Gallagher purchased Capitol Benefits Group to enhance its consulting and brokerage services in central U.S.This transaction also marks the second takeover by Arthur J. Gallagher in the Midwest region this year. Last month, the company acquired Arlington, IL-based Vincent L. Braband Insurance, Inc.Arthur J. Gallagher, which currently carries a Zacks Rank #2 (Buy), is well known for its spree of strategic acquisitions ramping up the growth profile. The company is set to release its first-quarter results on Apr 28 after the market closes. The Zacks Consensus Estimate for the same is currently pegged at 30 cents per share which translates into a year-over-year growth of 10.10%. Our proven model shows that the company is likely to beat earnings because it has the perfect combination of two key ingredients. The company holds a Zacks Rank #2 (Buy) and has a +3.33% Earnings ESP, which makes us reasonably confident of a positive earnings beat.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, has 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