Arthur J. Gallagher, the international broking division of Arthur J. Gallagher & Co. outside of the United States, has expanded its retail presence in Chile by purchasing a majority shareholding in independent broker Quality Risk Management Corredores de Seguros S.A. (QRM). Terms of the transaction were not disclosed.
QRM is a personal lines specialist, with a strong life and health business sold through employer schemes alongside its affinity business offering home, accident, life, credit, illness and unemployment cover.
It is led by partners Raul Ossandon Gormaz and Rodrigo Friedlander Ergas who merged their independent broking businesses in 2010 to create QRM. The deal follows last month’s acquisition of a controlling stake in marine-focused property and casualty broker Bareyre — Gallagher’s first step in building a retail broking business in Chile to complement its existing reinsurance expertise.
“Partnering with established and ambitious sector specialists is central to our international growth strategy — and our investment in QRM is another great example of delivering on that,” said Vyvienne Wade, international commercial director at Arthur J. Gallagher.
“The team at QRM brings to Gallagher a great blend of professional integrity, technical skills, and strong client relationships as well as a shared appetite and enthusiasm to build a bigger, more diverse retail portfolio in Chile,” Wade added.
“Just like us, our clients are ambitious to expand and diversify, increasingly exploring global opportunities for growth – so we needed a strong international partner to realize both our own ambitions and those of our clients,” Raul Ossandon Gormaz said. “In Gallagher we gain a fantastic mix of financial strength and stability alongside a customer-first culture to match our own.”
Lionel Soffia, head of Gallagher’s Latin American operations, added: “Targeted specialist acquisitions and the hire of top talent remain our focus for growth in Latin America. We welcome Raul, Rodrigo and their colleagues in Chile to Gallagher and look forward to taking this next exciting step in our journey with them.”
Source: Arthur J. Gallagher
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