MGB Re (MGB) offers reinsurance solutions to health maintenance organisations, managing general underwriters and insurance companies. Credit: Panchenko Vladimir/Shutterstock.com.

Arthur J Gallagher’s reinsurance division, Gallagher Re, has bought Toronto-based company MGB, bolstering its reinsurance solutions for the medical sector.

Financial details of the deal were not revealed.

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MGB offers reinsurance solutions to health maintenance organisations (HMOs), managing general underwriters (MGUs) and insurance companies.

The leadership team at MGB, comprising Andrew Barth, Jacqueline Greer and Thomas McGrath, will now work under Gallagher Re North America Eastern region manager Jim Fallon and Life, Accident and Health segment leader Rob Fast.

This continues Arthur J Gallagher’s recent consolidation activities, which include the purchase of UK-based MCMM Services.

MCMM, which provides services to Education Mutual members, will integrate into Gallagher’s education practice.

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The acquisition spree continued with the addition of insurance broker Köberich Financial Lines in Germany, and retail insurance agency CBS Insurance in Texas, US.

In November last year, Gallagher also finalised the acquisition of Hughes Insurance Agency.

The New York-based company services clients in the north-eastern US with a comprehensive range of insurance services, including commercial, personal, and life and health insurance.

Arthur J Gallagher chairman and CEO J Patrick Gallagher Jr said: “MGB’s strong client relationships and expertise will accelerate the growth of our medical reinsurance business and broaden our service offerings.

“I am very pleased to welcome Andrew, Jacqueline and Thomas to our growing, global team.”

A global insurance brokerage, risk management and consulting services company, Arthur J Gallagher has expanded its international reach with these recent acquisitions.

Headquartered in Rolling Meadows, Illinois, US, the company delivers its services in nearly 130 countries worldwide, leveraging both owned operations and an extensive network comprising correspondent brokers and consultants.