A Mount Pleasant insurance company that was founded in the 1930s by the father of Charleston Mayor Joe Riley has been purchased by an Illinois insurance corporation for an undisclosed sum.

Riley & Associates, Inc., was purchased by Arthur J. Gallagher & Co. (NYSE: AJG), of Itasca, Illinois. The company says it has operations in 16 countries and offers services in more than 110 countries.

Riley & Associates was founded in 1936 by Joseph P. Riley Sr., with offices on Broad Street in downtown Charleston. The company today is a retail insurance broker providing property/casualty insurance and risk management services, specializing in insurance coverage for the hospitality, moving and storage, transportation and marine industries.

"For over 70 years, Riley & Associates has been providing their clients with specialized insurance solutions and quality service," said J. Patrick Gallagher, Jr., chairman, president and CEO of Arthur J. Gallagher & Co. "Their industry expertise and geographic presence in the Charleston area will be an excellent complement to our Southeastern Region's retail brokerage operation. We are extremely pleased to welcome Russ (Parker, owner of Riley & Associates) and his team to our growing Gallagher family of professionals."