US-based insurance broker Arthur J. Gallagher has taken the sole ownership of reinsurance broker IBS Re Singapore and also purchased a 40% stake in Indonesian insurance broker PT IBS Insurance Broking Service.
The consideration agreed for the two deals were not revealed.
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IBS group CEO/president director Swandi Kendy said: “We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realise the future growth potential of the business.
“This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities.”
The acquired entity in Indonesia tends to the country’s individual customers, corporations, middle-market companies, and SMEs, offering them integrated risk services and insurance solutions.
The focus sectors for the Indonesian entity include real estate, banking and finance, forestry and agriculture, marine, manufacturing, energy, construction, plants and equipment as well as motor.
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By GlobalDataGallagher overseas division CEO Vyvienne Wade said: “Many of IBS Group’s strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship.
“We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher.”
