Illinois-based Arthur J. Gallagher & Co. has agreed to acquire substantially all of the insurance brokerage business of FirstCity Partnership Ltd. of London, England. The transaction is expected to close in April 2010. Terms were not disclosed.
FirstCity Partnership Ltd. is a Financial Services Authority (FSA) authorized Lloyd’s insurance broker and advisory firm. It specializes in insurance coverage for all aspects of the financial services industry as well as coverage lines for professional risk; asset protection; trade and political risks and fine art specie; contingency and special risks for their worldwide clients.
Tim Watkins and a team of brokers will operate as the Financial and Professional Lines Division, a dedicated unit within Gallagher’s U.K. brokerage operation. The remainder of their colleagues will merge into Gallagher’s existing U.K. brokerage operations. All divisions will operate under the direction of David Ross, CEO of Arthur J. Gallagher (UK) Limited, Gallagher’s approved Lloyd’s of London broker.
Arthur J. Gallagher & Co.,headquartered in Itasca, Illinois, has operations in 15 countries and does business in more than 100 countries.
Source: Arthur J. Gallagher & Co.
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