Arthur J. Gallagher & Co. acquired Capital Bauer Insurance Agency, an Albany, N.Y.-based retail insurance broker allowing it to significantly expand its Upstate New York presence.

Financial terms of the transaction were not disclosed.

Founded in 1957, Capital Bauer Insurance Agency provides property-casualty, employee benefits and risk management insurance services for commercial and personal lines clients throughout the U.S. The company specializes in placing coverage for the real estate, public entity, higher education, recording studio and water well drilling industries.

Principal David Bauer and his team will continue to operate in their current Albany location, according to an Arthur J. Gallagher statement. They will report to Douglas Brown, Northeast regional manager of Gallagher’s retail property-casualty brokerage operation.

J. Patrick Gallagher Jr., chairman, president and CEO of his namesake company, said Capital Bauer Insurance “has built a solid reputation for being dedicated to providing their clients with uncompromising personalized service,” according to the statement.

He added that Capital Bauer Insurance’s “specializations will be a terrific fit with our niche expertise in the eastern region.”

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is based in Itasca, Ill., has operations in 16 countries and offers client-service capabilities in more than 110 countries through a network of correspondent brokers and consultants.