Finance History | Arthur J. Gallagher — A One-Man Chicago Agency After Hartford Said Yes
· 1927-1
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Finance History | Arthur J. Gallagher — A One-Man Chicago Agency After Hartford Said Yes
kevin
People treat Gallagher as the glass campus at 2850 Golf Road that always brokered middle-market risk beside Marsh and Aon.
The first book was one man and one insurer.
In 1927 Arthur James Gallagher, born on Chicago's West Side in 1892, left salaried work and opened Arthur J. Gallagher and Co. as a one-person agency.
George H. Maloney Sr., who ran Hartford Accident and Indemnity's Chicago office, gave him the company's blessing and Hartford A and I as his first carrier.
The 1929 crash and the Depression raised the value of a broker who could cut risk, not only sell a policy.
In 1938 Gallagher helped Hartford design a credit for customers who reduced losses.
Late in that decade he wrote a large-deductible fire policy for a Chicago dairy, an unusual structure for the time.
The firm incorporated in 1950, when revenues were 175,000 dollars.
Three sons — Jim, Bob, and John — came into the book after the war.
Winning Beatrice Foods in 1957 put a national account on a still-regional desk.
Headquarters later left the city for Itasca and then Rolling Meadows, where 2850 Golf Road remains the public address.
The mechanism that still names the firm is brokerage, not underwriting.
Gallagher places other companies' paper and bills a commission or fee, which is why a one-man Chicago letter in 1927 could become a listed global broker without first building a balance-sheet of claims.
Photo: Wikimedia Commons, Chicago Loop.
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