London: Date March 29th 2010: Arthur J. Gallagher (UK) Limited (AJG UK), has today signed an agreement to acquire substantially all of the (re)insurance broking business of FirstCity Partnership Limited (FirstCity). In addition, FirstCity’s team of industry professionals in the UK will join AJG UK and its US professionals will join Arthur J. Gallagher & Co.
The acquisition will result in a combined operation that places AJG UK among the top London market brokers ranked by revenue. FirstCity’s Financial and Professional Lines business will be merged into a new dedicated AJG UK Financial and Professional Risks division, other parts of their portfolio will be integrated into existing AJG UK divisions, including asset protection, trade and political risks and fine art specie, contingency and special risks. These divisions will trade as part of London-based Arthur J. Gallagher International, the global trading platform of the group which collectively employs over 600 people.
David Ross, CEO of AJG UK said: “We are delighted to announce this deal, which makes sense both strategically and culturally for both parties. It is part of our development strategy to become a major force in financial and professional lines broking. After reviewing many alternatives, it was apparent that this transaction was a great opportunity.
Our Financial and Professional Risks offering will now be significantly enhanced by the acquisition of FirstCity’s skilled personnel and client base.”
Tim Watkins, Deputy Chairman of FirstCity said: “This is a tremendous opportunity for our clients and employees. The two organisations are complementary and, in an increasingly demanding world for intermediaries, this deal provides us with the resources and market strength to compete at the highest level. We will benefit from substantial efficiencies by putting our business onto the Gallagher platform.”
About Arthur J. Gallagher International
Arthur J. Gallagher International is a leading global insurance intermediary that specialises in creating innovative and comprehensive risk solutions for clients via the company’s international partners, offices and strategic alliances. Arthur J. Gallagher International is a trading name of Arthur J. Gallagher (UK) Ltd., a wholly-owned subsidiary of Arthur J. Gallagher & Co. (NYSE: AJG).