Arthur J Gallagher& Co, a US-based insurance brokerage and risk management services company, has acquired Belmont International, a risk management advisor and insurance broker based in Kent, England, for an undisclosed sum.
Founded in 1988, Belmont delivers both retail insurance and employee benefits products and services to its commercial and personal lines clients in the UK.
Belmont founder Barrie Etchells plans to retire; however, he will be retained on a consultancy basis during the integration process.
His deputy, David Hinton, and his over 80 associates will report through Gallagher’s UK retail and employee benefits brokerage businesses, as per the terms of the agreement.
Commenting on the acquisition, Arthur J Gallagher chairman, president and CEO J Patrick Gallagher, Jr., said that Belmont is highly regarded for its depth of risk management experience, solid market relationships and client-focused service culture.
"Their southeastern U.K. geographic presence and strong niche expertise will be an excellent complement to our U.K. operations, Patrick Gallagher added.
Most recently, Arthur J. Gallagher embarked on an agreement to purchase the Giles Group of Companies (Giles) of London, to increase its client base in the UK, boost-underwriting footprint through current underwriting business with increased retail distribution.
In August this year, the Illinois-based company agreed to acquire Ottawa-based employee benefits insurance broker and consultant firm Dickinson & Associates, as well as New Jersey-based insurance broker Bollinger.
Headquartered in Itasca, US, Arthur manages operations in 20 countries and offers client-service capabilities through a network of correspondent brokers and consultants in more than 140 nations, globally.