Gallagher Re, the reinsurance division of Arthur J. Gallagher & Co., has purchased the business and assets of UK-based Bay Risk Services, an independent Lloyd’s broker.

The London-based firm, which was established in 2016, specialises in structuring and placing contracts of delegated underwriting authority.

The business caters to the requirements of carriers looking for alternative distribution outlets across a range of classes, managing general agents (MGAs), Lloyd’s coverholders, and specialty programme managers.

Following the completion of the deal, Bay Risk Services will join the global programs practice of Gallagher Re.

The business, a member of the Optio Group, will continue to be headed by Andrew Smallshaw and Robin Barker-Hahlo.

Financial and other terms of the deal were not disclosed by the companies.

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By GlobalData

Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr. said: “Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice.

“It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team.”

Headquartered in Rolling Meadows, Illinois Arthur J. Gallagher & Co. is an insurance brokerage, risk management and consulting services firm. It has presence in approximately 130 countries across the globe.