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- Gallagher acquires UK regional commercial insurance broker Risk Services (NW) Ltd
Gallagher acquires Chester-based regional insurance broker Risk Services
Gallagher today announces the acquisition of regional commercial insurance broker Risk Services (NW) Ltd (‘Risk Services’) based in Chester. Terms of the transaction were not disclosed.
Risk Services was established in 1999 by Managing Director Steve Lowe to deliver tailor-made cost-effective solutions for corporate and commercial clients. Since then the business has grown organically and through acquisition to become one of the largest independent insurance brokers in Chester, North Wales and the surrounding area.
Risk Services and its c.20-strong team of insurance professionals will become part of the North-West region of Gallagher’s UK Retail branch network, which serves customers from more than 50 locations.
Risk Services founder Steve Lowe will continue in the business focusing on client relationships and business development and, as part of the transaction, Director Tom Penn will step up to the role of Head of Office in Chester.
Commenting on the deal, Michael Rea, CEO of UK Retail, said: “It’s great for Gallagher to be back buying broking businesses in the UK and Risk Services is exactly the right type of well-run, client-focused regional broker that complements our existing branch network so well. If regional brokers are looking for a great home for their clients and people, then Gallagher should be their first port of call. Risk Services is a fantastic addition to our cluster of offices in the North West. We are delighted to welcome them into Gallagher and very much look forward to working with the team.”
Steve Lowe said: “I am enormously proud of the business we have built over the last 19 years so it was important to choose the right partner to take it to the next level. We wanted a partner that would share our values and offer security to our clients, while providing access to an even greater array of technical expertise, buying power and specialist capabilities. Gallagher is one of the largest insurance and risk management companies in the world yet it still holds true to the family values and client-first culture on which it was founded, making it the ideal fit.”