American insurance broker Arthur J. Gallagher has completed the acquisition of all of the treaty reinsurance brokerage operations from Willis Towers Watson (WTW).
The combined entity will trade as Gallagher Re with over 70 offices in 31 countries.
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The deal, which was announced earlier this year, brings specialist expertise, analytics capabilities such as catastrophe modelling, dynamic financial analysis, rating agency analysis and capital modelling.
James Kent has been appointed to lead Gallagher Re as global reinsurance CEO. Kent will report to Gallagher CEO of global property & casualty brokerage Tom Gallagher.
Gallagher jr. chairman, president and CEO J. Patrick Gallagher said: “I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.”
Kent said: “This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform.”
Arthur J. Gallagher did not disclose the value of the deal. As per the initial announcement, it was valued between $3.25bn to $4bn.
Separately, the insurance broker acquired Sound Insurance Services for an undisclosed sum.
The Australian firm is a retail property/casualty broker serving small and mid-market corporate clients.
Patrick Gallagher added: “Sound Insurance is a well-regarded broker with a strong growth record that will enhance our capabilities in Melbourne, particularly in the small corporate and mid-market segment.”
