Global insurance broker, risk management services and consulting firm Gallagher announces the acquisition of Portmore Insurance Brokers Ltd. and Portmore Insurance Brokers (Wiltshire) Ltd. in the UK.
Terms of the transaction were not disclosed.
Based in Southampton, England, Portmore was established in 2006 as a mid-market focused commercial insurance broker offering tailored insurance programs for a wide range of industry sectors, which encompass both private and public sector businesses.
Since then, its founders and joint managing directors, Graham Jacobs and Paul Chapman, have expanded the business significantly through consistently strong annual organic growth, said Gallagher in a statement.
Portmore and its team of nearly 40 insurance professionals will become part of Gallagher’s retail branch network, which serves its customers from more than 50 locations around the UK.
“It’s fantastic to welcome the team from Portmore into the Gallagher family today. Their business is an excellent fit for our strategy in the UK,” commented Michael Rea, CEO of UK Retail for Gallagher. Gallagher is the brand name of Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker.
“They are exactly the right type of well-run, commercially led, growing regional broker we’re looking for to further strengthen and complement our existing UK branch network,” he added. “Together with our existing operations in Southampton and Chichester, Portmore will help Gallagher become the pre-eminent commercial broker on the South Coast.”
“Becoming part of a locally focused but globally backed insurance broker and risk management services firm enables us to take our business to the next level of expansion, as we look to develop and deliver ever more specialized and bespoke solutions for our clients,” said Jacobs.
“As a partner, Gallagher offers a great blend of complementary expertise, scale and geographic spread, while at the same time sharing our client-focused values of service excellence, professional integrity and teamwork,” he continued.
In the UK, Gallagher has more than 4,500 employees specializing in risk management and insurance solutions for corporate, commercial and personal customers.
Source: Arthur J. Gallagher & Co.
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