American insurance brokerage firm Arthur J. Gallagher & Co. has purchased a minority stake in Malaysia-based SP&G Insurance Brokers for an undisclosed sum.
SP&G is an integrative insurance broker specialising in aviation market. It also offers clients insurance solutions for property, casualty, marine, engineering and other risks.
Established in 1974, the Kuala Lumpur based firm also has an office in Johor Bahru. It posted revenues of more than $6m in 2018.
Commenting on the deal, Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr., said: “SP&G presents an exciting opportunity to expand Gallagher’s commercial insurance footprint in Asia and further extend our client reach in the global aviation sector. This is in keeping with our growth strategy of investing in great businesses that deepen our capabilities and expand our geographic presence.
“We are very pleased to partner with SP&G, and extend a warm welcome to Zak and his associates as they join our growing global team.”