Arthur J. Gallagher & Co. AJG has entered into a strategic partnership with MIG Holding Ltd (MIG Group) in a bid to take a minority interest in Middle East & North Africa (MENA) specialist insurance broker, ACE.Pending necessary regulatory approvals, Arthur J. Gallagher will buy a 30% minority interest in ACE entities whereas MIG Group will retain a 70% interest.Riyadh, Saudi Araba-based ACE, founded in 1952, is an insurance, reinsurance and employee benefits broker. It operates in seven countries and has specializes in aviation, real estate, construction, oil & gas, financial lines and property risks.This strategic initiative will enable Arthur J. Gallagher to strengthen its geographic footprint across the Middle East. Also, this investment is expected to augment the insurer’s insurance and reinsurance capabilities throughout the Middle East.Inorganic Growth StoryApart from undertaking strategic partnerships, it also makes a number of acquisitions, which enable Arthur J. Gallagher 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.In the first quarter of 2020, Arthur J. Gallagher increased its investment in Capsicum Reinsurance Brokers LLP to 100% ownership to move forward as an integral part of its global brokerage operations.Its inorganic pipeline remains strong, with around $300 million of annualized revenues associated with 30 term sheets signed or being prepared.Arthur J. Gallagher currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.In 2020, the insurance broker completed 27 mergers, representing about $250 million of estimated annualized revenues. So far this year, it has made seven acquisitions and entered one partnership. Revenue growth rates have generally been 2.5-15% 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 Acquisitions in the Same SpaceThere have been a host of acquisitions in the insurance space of late, given significant capital availability. Assurant AIZ acquired TRYGLE Co. Ltd. to maximize the daily usage of mobile devices, electronics and home appliances. In the first quarter of 2021, Brown & Brown, Inc.’s BRO subsidiary, Bridge Specialty Group, LLC acquired substantially all Leon Silver Associates, LLC assets. Marsh & McLennan Companies, Inc.’s MMC unit Marsh & McLennan Agency LLC (“MMA”) recently acquired PayneWest Insurance, one of the largest independent agencies in the United States.Price PerformanceShares of Arthur J. Gallagher have gained 75.7% in a year, outperforming the industry’s increase of 36.5%. Efforts to ramp up the company’s growth profile and capital position should help shares gain further.+1,500% Growth: One of 2021’s Most Exciting Investment OpportunitiesIn addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>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 Companies, Inc. (MMC): Free Stock Analysis Report Assurant, Inc. (AIZ): Free Stock Analysis Report Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report Brown & Brown, Inc. (BRO): Free Stock Analysis Report To read this article on Zacks.com click here.