Arthur J. Gallagher has announced that its subsidiary Risk Placement Services (RPS) has acquired Florida-based SeaCoast Underwriters for an undisclosed sum.
Established in 1996, SeaCoast Underwriters is a wholesale specialist that serves as a managing general agency (MGA) with binding authority for a wide range of admitted and non-admitted insurers.
The surplus lines broker specialises in commercial property & casualty, flood & excess flood, personal lines, and transportation & garage risks.
SeaCoast Underwriters’ services are available in 14 states of the US.
Under the terms of the agreement, Shawn Chaffin and his team will continue to operate from their Lake Mary location.
Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: “SeaCoast Underwriters has a strong team of dedicated underwriting professionals who will bring additional products and programs to RPS’s retail agent and broker clients. “We are very pleased to welcome Shawn and his associates to our growing global team.”
Chaffin’s team will work under the direction of Laura Allen who heads RPS’s Southeast region binding operations.
RPS operates as Gallagher’s wholesale brokerage, binding authority, and programs division in the US.
Recently, the UK’s Competition and Markets Authority (CMA) revealed that Arthur J. Gallagher’s proposed acquisition of certain operations of Willis Towers Watson (WTW) is being probed.
In August this year, Arthur J. Gallagher agreed to purchase the treaty reinsurance brokerage operations of WTW for $3.25bn.