Arthur J. Gallagher & Co. continued its international expansion with two further acquisitions announced later this week.
On Friday, Gallagher announced the acquisition of the British Pavey Group. Pavey is a retail insurance broker with offices in Torquay, Exeter, Holsworthy and Highbridge, England, providing retail property/casualty insurance and risk management advice to retail companies, nursing homes, charities and the construction, manufacturing, agricultural and leisure sectors, Gallagher said in a statement.
The terms of the transaction were not disclosed.
On Thursday, Gallagher announced that it had acquired Boston Marks Insurance NZ in New Zealand, BMG Aviation in Australia and the Boston Marks Insurance Brokers book of accounts in the UK – all part of the Boston Marks Group. Gallagher said in a statement that the Boston Marks Group provides retail and accident brokerage services to a wide range of government, business and private aerospace clients from offices in Auckland and Papakura in New Zealand, Gold Coast, Queensland and Perth in Australia and London.
The terms of the Boston Mark transaction were also not disclosed.
The acquisitions took place only days after Gallagher announced that it had acquired 40% of the shares in Jakarta, the Indonesian broker PT IBS Insurance Broking Service and 100% of its affiliated reinsurance broker IBS Re Singapore. It remains to be seen when Arthur J. Gallagher & Co. will also be able to access Germany. The latest developments show that the German market is becoming increasingly interesting for Arthur J. Gallagher & Co. as well.