Posted on 29 Mar 2010
Arthur J. Gallagher & Co. today announced that it has signed a definitive agreement to acquire substantially all of the insurance brokerage business of FirstCity Partnership Ltd. of London, England. The transaction is expected to close in April 2010. Terms were not disclosed.
FirstCity Partnership Ltd. is a Financial Services Authority (FSA) authorized Lloyd's insurance broker and advisory firm. It specializes in insurance coverage for all aspects of the financial services industry as well as coverage lines for professional risk; asset protection; trade and political risks and fine art specie; contingency and special risks for their worldwide clients. Tim Watkins and a team of brokers will operate as the Financial and Professional Lines Division, a dedicated unit within Gallagher's U.K. brokerage operation. The remainder of their colleagues will merge into Gallagher's existing U.K. brokerage operations. All divisions will operate under the direction of David Ross, CEO of Arthur J. Gallagher (UK) Limited, Gallagher's approved Lloyd's of London broker.
"FirstCity has developed an excellent reputation for having a highly experienced, respected team, solid market relationships and the highest quality service," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "With their financial industry expertise and client-based culture, this team is an outstanding strategic fit for our London operations. We're extremely pleased to welcome Tim and his associates to our growing Gallagher family of professionals."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 15 countries and does business in more than 100 countries around the world through a network of correspondent brokers and consultants.