AJ Gallagher
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood. -
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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The transaction is a sign that the mega-deal to buy $3.6bn of assets from Willis Towers Watson has not slowed down AJG’s bolt-on acquisitions strategy.
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With the planned disposal of a further $240mn of Ebitda, the parties are showing their commitment to closing the overall deal.
