Arthur J. Gallagher & Co. has completed its acquisition of AssuredPartners at a gross consideration of $13.45bn.
The deal was announced in December last year.
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AssuredPartners, a US-based insurance broker, provides services across commercial property/casualty (P&C), specialty, employee benefits and personal lines.
The acquisition is expected to expand Gallagher’s retail middle-market P&C and employee benefits presence across the US and strengthen its UK and Ireland presence.
It is also expected to provide new business opportunities through the integration of Gallagher’s expertise, data, analytics and product offerings.
Arthur J. Gallagher chairman and CEO J. Patrick Gallagher, Jr. said: “I am extremely excited to welcome our new colleagues to Gallagher. Together, we will further build upon our client-centric, entrepreneurial cultures and utilise our product and industry expertise, extensive data, innovative analytical tools, outstanding service and broad product offerings to provide our clients with the very best insurance and risk management solutions.”
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By GlobalDataThe transaction also aims to enhance Gallagher’s capabilities in various niche practice groups including transportation, energy, healthcare, government contractors and public entity sectors.
The deal is also intended to support the growth of its wholesale, reinsurance and claims management businesses.
It is expected to be financially beneficial, with projections of double-digit adjusted earnings per share accretion, the company said in a press release.
The terms of the agreement involved Gallagher purchasing the stock of AssuredPartners’ parent company from private equity firm GTCR and funds advised by Apax Partners.
The acquisition was funded using net proceeds from equity and debt financing transactions.
In March, Arthur J. Gallagher purchased Woodruff Sawyer for $1.2bn.
Woodruff Sawyer, based in San Francisco, specialises in commercial P&C products, employee benefits solutions and risk management services, predominantly catering to middle and large-market clients.
