Arthur J Gallagher & Co, a US-based insurance brokerage and risk management services firm, has purchased UK–based Property & Commercial Limited from Barbon Insurance Group, in a bid to further strengthen its operation in the country.
Financial terms of the transaction remained undisclosed.
The acquired insurance entity offers retail and wholesale insurance products and services as well as affinity business and includes a managing general agent (MGA).
Specializing in real estate insurance coverage for the UK clients, the business operates as Deacon, Keelan Westall, Cadogan Keelan Westall, Farr Insurance and Zennor Ltd.
Following the completion of transaction, their associates will remain working from their existing locations and will report through Arthur J Gallagher International, Gallagher's UK-based insurance broker, or OIM Underwriting, Gallagher's London-based MGA.
Commenting on the acquisition, Arthur J Gallagher chairman, president and CEO J Patrick Gallagher, Jr., said that the deal expands its business as well as provides depth to its UK distribution platform.
"These highly experienced teams bring us strong expertise and will be an excellent complement to existing networks within our international and MGA operations," Patrick Gallagher, Jr. added.
Most recently, the company acquired Advanced Benefit Advisors (ABA), a provider of employee benefit brokerage and consulting services to corporate customers across the US, as well as Missouri-based independent insurance agency Metzler Bros Insurance.
Headquartered in Itasca, Illinois, US, Arthur J Gallagher & Co trades in 19 countries across the globe and delivers client service capabilities in more than 140 countries through a network of correspondent brokers and consultants.
