Arthur J. Gallagher & Co. has acquired Bircroft Insurance Services, a UK-based commercial insurance broker with a focus on the real estate sector.
Financial details of the transaction have not been disclosed.
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Bircroft has been serving the real estate industry for more than 15 years, offering insurance solutions on both wholesale and retail levels.
The company also caters to private clients seeking to insure their homes and valuable possessions.
Founded as part of the Dawnay Day Group, Bircroft is led by Ian Lee and Simon Bird, who along with their team will remain in their roles.
Bircroft will be integrated into the real estate practice of Gallagher’s UK & Ireland Retail division, which is headed by Jon Phillips as the regional managing director.
This deal is expected to enhance Gallagher’s capabilities in the real estate insurance market, supporting clients including property owners, investors, managing agents and developers.
Phillips said: “I am delighted to welcome Bircroft to Gallagher, having known both Ian and Simon for many years. The business has a fantastic team that has in-depth understanding of the risks facing clients in the real estate sector.
“We already have one of the UK’s largest teams operating in real estate and the products and knowledge offered by Ian, Simon and the team at Bircroft are highly complementary to our current offering and becoming part of Gallagher will provide them with a springboard for expansion.
Lee added: “Joining Gallagher is great news for our business, colleagues and clients. Our two businesses are well aligned and share established capabilities in the real estate sector.”
Last month, Gallagher agreed to acquire Woodruff Sawyer for $1.2bn, pending regulatory approval.
Woodruff Sawyer provides a suite of commercial insurance products focusing on middle and large-market clients.
