Arthur J. Gallagher & Co. has announced the merger of its two U.S. reinsurance brokerage subsidiaries, Arthur J. Gallagher Intermediaries Inc. in New York and John P. Woods & Co. Inc. in New Jersey effective immediately.
The surviving subsidiary will operate as Gallagher RE Inc. under the leadership of Randall S. Jensen, a 25-year reinsurance veteran and current president of Arthur J. Gallagher Intermediaries. This merger and name change to Gallagher RE will allow for a more efficient deployment of client services and improve a corporate-wide effort to build stronger brand awareness for Gallagher’s reinsurance brokerage operations, the company said in statement.
In addition, Gallagher RE purchased from JLT Re Solutions Inc. of Lawrenceville, N.J., certain reinsurance brokerage assets in Minnesota and Alabama, which also includes the addition of several reinsurance professionals, thereby expanding Gallagher RE’s presence in the United States.
Terms of the transaction were not disclosed. Gallagher RE now has U.S. operations in New York, New Jersey, Connecticut, Illinois, Georgia, Pennsylvania, California, Alabama and Minnesota.
“We are delighted that both of these transactions have been completed. Having all of our U.S. reinsurance services and brokering capabilities operating under one organization will allow Gallagher RE to better serve the expanding needs of our clients,” said J. Patrick Gallagher Jr., president and CEO of Arthur J. Gallagher & Co. “It will also allow a more cohesive implementation of our strategic plan for global reinsurance. Our reinsurance expansion efforts are evident with the addition of new resources in Minnesota and Alabama, and we are pleased to welcome these new employees to our Gallagher family of professionals.”
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