Arthur J. Gallagher & Co. AJG recently acquired Cool Insuring Agency, Inc. The terms of the transaction have not been revealed yet.Queensbury, NY-based Cool Insuring Agency, formed in 1857, offers commercial, personal, and life & health insurance and consulting services to clients across Northeastern United States. The agency specializes in serving construction and healthcare industry clients, as well as governments and municipalities, which together account for more than half of its revenues.Being an independent insurance agency, it represents a multitude of well-known and highly rated insurance carriers under individual agency agreements.Cool Insuring Agency provides its clients a wide range of the highest quality insurance products and services and protects their assets by addressing complex insurance needs through the development of innovative, customized insurance programs. It thrives to maintain private ownership and achieve reasonable levels of shareholder returns while seeking to achieve controlled steady growth in order to accomplish the overall mission of the firm.The buyout of Cool Insuring Agency will boost and enhance the construction, healthcare, senior living and public entity services of Arthur J. Gallagher.Notably, the latest acquisition marks Arthur J. Gallagher’s sixth buyout in the fourth quarter of 2020. Its robust capital position along with sustained solid operational performance should continue to back its inorganic efforts.Inorganic Growth StoryAcquisitions enable this Zacks Rank #3 (Hold) insurance broker to expand into desirable geographic locations, extend its presence in retail and wholesale insurance and reinsurance brokerage services markets and increase the volume of general services currently provided. Its inorganic pipeline remains strong, with revenues of about $350 million associated with 40 term sheets either agreed upon or being prepared.In the first nine months of 2020, the company completed 17 mergers, representing about $151.2 million of annualized revenues. Revenue growth rates have generally been in the range of 2.5% to 15% for 2020 acquisitions. The buyouts provide the company with incremental capabilities and services to assist clients across Australia, the U.K., Europe and the United States. The company remains focused on its long-term growth strategies of delivering organic revenue growth and pursuing mergers and acquisitions.Other Acquisition in the Same SpaceThere have been a host of acquisitions in the insurance space of late, given significant capital availability. Kemper Corporation KMPR agreed to acquire American Access Casualty Company and related captive insurance agency, Newins Insurance Agency Holdings, LLC, and its subsidiaries to strengthen the Specialty Auto segment. Brown & Brown announced that its subsidiary has bought CoverHound and its wholly-owned unit, CyberPolicy. Arch Capital Group ACGL agreed to acquire Watford Holdings WTRE.Price PerformanceShares of this insurance broker have gained 24.5% in a year, outperforming the industry’s growth of 5.1%. Efforts to ramp up the company’s growth profile and capital position should help shares gain further. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.Click here for the 6 trades >>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 Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report Kemper Corporation (KMPR): Free Stock Analysis Report Arch Capital Group Ltd. (ACGL): Free Stock Analysis Report Watford Holdings Ltd. (WTRE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research