Re/insurance brokerage and risk management services firm Arthur J. Gallagher & Co has acquired Portmore Insurance Brokers, a UK-based firm, for an undisclosed sum.

Portmore, founded in 2006, operates as a mid-market-focused commercial insurance broker. It provides bespoke insurance programmes to a number of sectors, including both private and public sector businesses.

The acquired entity has significantly grown its business since its inception under the leadership of its founders and joint managing directors Graham Jacobs and Paul Chapman.

Gallagher CEO of UK retail Michael Rea said: “It’s fantastic to welcome the team from Portmore into the Gallagher family today — their business is an excellent fit for our strategy in the UK.”

“They are exactly the right type of well-run, commercially led, growing regional broker we’re looking for to further strengthen and complement our existing UK branch network.”

“Together with our existing operations in Southampton and Chichester, Portmore will help Gallagher become the pre-eminent commercial broker on the South Coast.”

Commenting on the deal, Jacobs said: “Becoming part of a locally-focused but globally backed insurance broker and risk management services firm enables us to take our business to the next level of expansion, as we look to develop and deliver ever more specialised and bespoke solutions for our clients.”

“As a partner, Gallagher offers a great blend of complementary expertise, scale and geographic spread, while at the same time sharing our client-focused values of service excellence, professional integrity and teamwork. We’re excited for what the future holds.”

Gallagher offers risk management and insurance solutions for corporate, commercial and personal customers with the help of a workforce of over 4,500 staff in the UK.