Gallagher Re, the reinsurance division of Arthur J. Gallagher & Co., has bought the enterprise and belongings of UK-based Bay Threat Companies, an impartial Lloyd’s dealer.
The London-based agency, which was established in 2016, specialises in structuring and putting contracts of delegated underwriting authority.
The enterprise caters to the necessities of carriers searching for various distribution shops throughout a variety of lessons, managing normal brokers (MGAs), Lloyd’s coverholders, and specialty programme managers.
Following the completion of the deal, Bay Threat Companies will be a part of the worldwide applications apply of Gallagher Re.
The enterprise, a member of the Optio Group, will proceed to be headed by Andrew Smallshaw and Robin Barker-Hahlo.
Monetary and different phrases of the deal weren’t disclosed by the businesses.
Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr. mentioned: “Bay Threat is a extremely regarded specialist binder dealer that shall be a unbelievable addition to Gallagher Re and the increasing world applications apply.
“It shares our give attention to shopper excellence and brings a complementary e-book of delegated underwriting authority enterprise. We’re delighted to welcome Andrew, Robin and their colleagues to our rising world workforce.”
Headquartered in Rolling Meadows, Illinois Arthur J. Gallagher & Co. is an insurance coverage brokerage, threat administration and consulting companies agency. It has presence in roughly 130 international locations throughout the globe.