Metzler Bros. Insurance is acquired by Arthur J. Gallagher & Co.

Metzler Bros. Insurance, a second-generation, family-owned Kansas City company, has been acquired for an undisclosed price by Arthur J. Gallagher & Co., one of the largest insurance brokerages in the world.

Founded in 1946 by brothers Bob and Jim Metzler, the property and casualty insurance broker has been led by president and chief financial officer Stephen Metzler and vice president Mark Simcosky.

They will continue to operate the business from 1201 Walnut St., but the company will change its name later this year to Gallagher Metzler Insurance Co.

Metzler Bros. has 15 employees, including seven sales agents.

Stephen Metzler, who joined the company in 1971 to work for his father, Bob, said Tuesday that the sale was a “very emotional but satisfying decision.”

He noted that the acquisition should provide his company more financial resources and business expertise to continue to grow.

The company specializes in providing insurance needs for more than 90 not-for-profits in the Kansas City area, especially arts groups and other community organizations.

“We will continue our commitment to work with them,” said Simcosky, who joined the firm in 1985.

Metzler Bros. has expanded its business over the years to include employee benefits coverage and financial services products.

“Metzler Bros. Insurance is highly regarded in the industry for its professional expertise, market relationships and commitment to personalized client service,” J. Patrick Gallagher Jr., chairman, president and chief executive of Gallagher, said in a statement.

Gallagher, a publicly traded company based in Itasca, Ill., is an international insurance brokerage and risk management firm with offices in 19 countries.

It has a Kansas City office at 2345 Grand Blvd. with 70 employees.

Mike Henthorn, head of Gallagher’s south central region, will oversee the Metzler Bros. operation.