Arthur J. Gallagher & Co. announced that it has signed a definitive agreement to acquire the business and certain assets of London-based Woodbrook Underwriting Agencies, Ltd.
The transaction is expected to close during the first quarter 2011.
Terms of the transaction were not disclosed.
Gallagher described Woodbrook as a “Financial Services Authority authorized underwriting agency representing a number of major insurance companies and Lloyd’s Syndicates, acting directly or through a local intermediary,” specializing in real estate, distribution, leisure, education and community service industries.
The announcement also explained that “Woodbrook will merge with OIM Underwriting, Gallagher’s current managing general agency (MGA) platform in London, and the combined companies will trade as AJG Underwriting Group. Chris Blackwell and his associates will continue to operate out of their current offices in Essex and at Lloyd’s of London ultimately under the direction of David Ross, CEO of Arthur J. Gallagher (UK) Limited, Gallagher’s Lloyd’s of London broker.”
Chairman, President and CEO J. Patrick Gallagher, Jr. commented: “Woodbrook is well known in the underwriting community for its depth of experience, market expertise and quality client service. “With their solid underwriting capabilities and team focus, Woodbrook will be an outstanding complement to our London underwriting operations. We are extremely pleased to welcome Chris and his associates to our growing Gallagher family of professionals.”
Source: Arthur J. Gallagher & Co.
Topics Mergers & Acquisitions Underwriting A.J. Gallagher London
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