Arthur J. Gallagher & Co. has acquired a 60% stake in Caribbean insurance broker Risk Management Services (RMS), situated in Port of Spain, the capital of Trinidad and Tobago.

RMS was founded in January 1978 as a subsidiary of the Neal & Massy Group to address the insurance and risk management requirements.

Since its establishment, RMS has expanded via various partnerships in the field of insurance broking and in the area of business and risk management consulting.

The company provides property/casualty and employee benefits products and services to a range of private, public and multinational companies engaged in the manufacturing, oil and energy, and service industries in the Caribbean.

Both the companies did not disclose the financial terms of the transaction, under which RMS managing director Christian Low and his team will continue to operate from their existing location under the direction of Matthew Pragnell, Group CEO of Gallagher in the Caribbean.

Arthur J. Gallagher chairman, president and CEO Patrick Gallagher said: “Our Caribbean brokerage operations have worked on regional accounts with RMS since the mid-’90s.

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“We have been very impressed with their integrity, knowledge of the business and high-quality service, and we are delighted to further solidify that partnership.”

Earlier this month Arthur J. Gallagher acquired New York-based family owned commercial and personal lines insurance agency Walsdorf Agency. The company also purchased a minority stake in Malaysian broker SP&G Insurance Brokers.

Arthur J. Gallagher, which has operations in 48 countries, provides client service capabilities in over 150 countries across the world via a network of correspondent brokers and consultants.