Arthur J. Gallagher & Co. AJG recently acquired Air-Sur, Inc. The terms of the transaction have not been revealed yet.Ormond Beach, FL-based Air-Sur, founded in 1976, is a retail insurance broker. It caters to the aviation and aerospace industry. Being an independent aviation insurance agency, it serves primarily aircraft owners and operators in Florida.We believe Air-Sur is a strategic fit for Arthur J. Gallagher. This is because the buyout will strengthen and expand the acquirer’s aerospace capabilities throughout Florida as well the Southeast.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 revenues of 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 five acquisitions. 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 EPG Insurance to consolidate its presence in the automotive service contract space. In the first quarter of 2021, Brown & Brown, Inc.’s BRO subsidiary, Brown & Brown of Ohio, LLC acquired substantially all Berry Insurance Group assets as well as O’Leary Insurances. Marsh & McLennan Companies, Inc.’s MMC unit Marsh & McLennan Agency LLC (MMA) recently acquired Compass Financial Partners, a Greensboro, NC-based retirement consulting and investment advisory company.Price PerformanceShares of Arthur J. Gallagher have gained 7.5% in a year against the industry’s decline of 3%. Efforts to ramp up the company’s growth profile and capital position should help shares gain further.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>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 Brown & Brown, Inc. (BRO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research