US insurance broker Arthur J Gallagher & Co has completed the acquisition of London-based Lloyd's broker HLG Holdings (Heath Lambert), for $158m in a total cash transaction.

Heath Lambert brokers nearly all lines of property/casualty and employee benefit insurance products through 1,200 professionals in 16 offices across the UK.

The acquisition will expand Gallagher’s UK benefits consultancy and advisory services as well as capabilities in fine art specie, real estate, employee benefits, construction, entertainment, affinity relationships and public sector businesses.

It will also add Heath Lambert’s 16 offices, workforce expertise, multi-national client base across the UK and increased access to a range of retail clients from large corporations to private individuals.

Gallagher’s London-based international brokerage operations CEO David Ross said Heath Lambert provides us with a solid platform to grow Gallagher’s broker ranks through targeted recruitment and additional mergers.

"Having a full-spectrum of products, services and expertise throughout the UK will make Gallagher a natural home for insurance professionals looking to grow their business," Ross said.