Oxygen Holdings Plc, a London market insurance intermediary, and Arthur J Gallagher (UK) announced the sale of Oxygen’s underwriting subsidiary, Oxygen Insurance Managers Ltd. (OIM) to Gallagher (UK), for an undisclosed sum.
Gallagher’s bulletin noted: “OIM is a Financial Services Authority (FSA) authorized underwriting agency representing a number of major insurance companies and Lloyd’s Syndicates, acting directly or through a local intermediary. OIM specializes in international classes of insurance such as liability, extended warranty, cargo and specie, property, and group personal accident and travel. Sian Fisher and her associates will continue to operate out of their current Fenchurch Street location as OIM Underwriting Ltd. under the direction of David Ross, CEO of Arthur J. Gallagher (UK) Limited, Gallagher’s FSA-authorized broker and approved Lloyd’s of London broker.”
Oxygen Holdings stated that Fisher would “remain on the Board of Oxygen Holdings Plc as a non-executive director.” The two companies have worked closely together. OIM will continue to maintain “a strong trading relationship with Oxygen’s broking subsidiary, Oxygen Insurance Brokers, Ltd., and continue to share office space in Fenchurch Street, London,” said Oxygen’s bulletin. “Clients, insurers and carrier partners will be unaffected by the sale.”
Ross commented: “This strategic acquisition illustrates our continued approach to measured growth. Having traded successfully with OIM for a number of years we believe their professionalism and entrepreneurial spirit is a perfect fit for our organization. Our companies share similar culture and values, particularly as regards client service.”
Nigel Barton, Chief Executive Officer, Oxygen Holdings Plc, added: “We have been approached by a number of parties in recent months interested in acquiring the agency operation – a demonstration of the fact that this type of business model has gained real traction.
“After careful review and assessment, we decided that Arthur J Gallagher presented an opportunity that worked well for all stakeholders – shareholders, staff, clients & carriers. Gallaghers provides a larger, international platform from which OIM will be better placed to fulfill its potential.”
Fisher noted that OIM “has made considerable progress since its creation in 2004 and achieved great results from a standing start. This arrangement enables us to build upon our historical trading relationship with AJ Gallagher, and also, to establish collaboration between two entrepreneurial businesses which will drive OIM forward.”
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