Arthur J. Gallagher has reached a definitive agreement to acquire AssuredPartners for a gross consideration of $13.45bn.
The transaction is subject to regulatory approvals and is due to be finalised in the first quarter of 2025.
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This acquisition is set to enhance Gallagher’s focus on retail middle-market property/casualty and employee benefits in the US.
It will broaden Gallagher’s niche practice areas and also offers opportunities to bolster wholesale, reinsurance and claims management businesses.
The deal is expected to add scale, expertise and talent to operations in the UK and Ireland and also promises estimated double-digit adjusted EPS (Employee Pension Scheme] accretion.
US insurance broker AssuredPartners was established in 2011 by GTCR and Jim Henderson with a diverse client base across commercial, public entity and individual sectors and nearly 400 offices in the US, the UK and Ireland.
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By GlobalDataGallagher will purchase the stock of AssuredPartners’ parent company from GTCR and funds advised by Apax Partners, under the terms of the agreement.
After accounting for an estimated $1bn deferred tax asset, the net consideration stands at around $12.45bn.
Gallagher plans to fund the acquisition through a mix of long-term debt, short-term borrowings, free cash and common equity.
Gallagher chairman and CEO J. Patrick Gallagher Jr said: “We have held in high regard the fast-growing AssuredPartners franchise since its founding in 2011. AssuredPartners’ entrepreneurial spirit, broad US footprint and middle-market focus make them an ideal merger partner for Gallagher.
“By further leveraging our deep industry verticals, investments in data and analytics, access to specialty products, our common systems and standardised service model, together we can provide even more value to clients and further position Gallagher for future growth.”
AssuredPartners CEO Randy Larsen added: “With Gallagher, we bring together not only unparalleled global resources and expert insights but also a team of exceptional employees whose expertise and dedication have been the driving force behind our success.”
