Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services company, said on Monday that its reinsurance unit, Gallagher Re, had acquired the business and assets of UK’s Bay Risk Services Limited.
However, financial terms of the agreement remained undisclosed.
Bay Risk, which was established in 2016, specializes in structuring and placing contracts of delegated underwriting authority and serves niche program managers, managing general agents and Lloyd’s coverholders.
The business will become part of the global programs practice of Gallagher Re, the company said.
“Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer of Arthur J. Gallagher & Co, said in a press release.
“It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team,” the CEO added.