Arthur J. Gallagher & Co. AJG recently acquired Excess Underwriting Company. The terms of the transaction were not revealed.Markham, Ontario-based Excess Underwriting Company, founded in 2008, is an independently operated, Canadian-owned, commercial, and personal lines insurance provider. The property/casualty managing general agency (MGA) specializes in many niche products and commercial programs and assists broker clients transact commercial business more efficiently.This recent deal with Excess Underwriting Company will provide the acquirer with an opportunity to present its new products and capacity to the Canadian marketplace along with its insurance carrier partners and thus reinforce its position.Inorganic Growth StoryAcquisitions 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. Its inorganic pipeline remains strong, with around $250 million of annualized revenues associated with 40 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.So far this year, it has made 15 acquisitions. Revenue growth rates have generally been 5-15% for 2021 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. In the ongoing second quarter of 2021, Brown & Brown, Inc. BRO acquired substantially all Piper Jordan 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. Alleghany Corporation’s Y wholly-owned subsidiary Alleghany Capital Corporation acquired Wilbert, Inc. (WPS).Price PerformanceShares of Arthur J. Gallagher have gained 43% in a year, outperforming the industry’s increase of 26.6%. Efforts to ramp up the company’s growth profile and capital position should help shares retain the momentum.Image Source: Zacks Investment ResearchTime to Invest in Legal MarijuanaIf you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers 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 Arthur J. Gallagher & Co. (AJG): Free Stock Analysis Report Brown & Brown, Inc. (BRO): Free Stock Analysis Report Alleghany Corporation (Y): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research