AJ Gallagher
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May. -
Shares in rival broker AJ Gallagher, whose plans to buy several Willis assets at a knock-down price are now highly uncertain, were down by 2.3% at $139.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
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Companies including Axa and CNA Financial have also been recent victims of cyber criminals.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
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The intermediary focuses on underwriting and placing property, casualty and errors and omissions coverage.
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An executive reshuffle at Hesse & Partner will follow Gallagher’s acquisition of all remaining shares in the Swiss broker.
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Brokers’ first-quarter performance was highly positive, but the real rewards are still to come.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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