ALBANY, N.Y.—Arthur J. Gallagher & Co. has acquired Capital Bauer Insurance Agency Inc. for an undisclosed amount, Gallagher announced Thursday.

Albany, N.Y.-based Capital Bauer provides property/casualty, employee benefits and risk management insurance services to real estate agencies, municipalities, higher education institutions, recording studios and well-water drilling companies throughout the United States, Itasca, Ill.-based Gallagher said in a statement.

Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said Capital Bauer’s geographic location in upstate New York and specialized industry expertise would be a “significant addition” to his brokerage’s existing assets in the region.

“For over 50 years, Capital Bauer Insurance has built a solid reputation for being dedicated to providing their clients with uncompromising personalized service,” said Mr. Gallagher in the statement. “Their strong focus on team-based service is an excellent complement to our own sales culture.”