Insurance broker Arthur J Gallagher & Co has opened a new representative office in Singapore through the acquisition of ITI Solutions, a specialist broking house in the country.
Trading under the name Gallagher Singapore, the business will be led by Freddie Lim, previously CEO of ITI, and will be staffed with an initial team of 10 executives.
As a full-service global insurance broker, Arthur J Gallagher International will offer Singaporean companies access to an international platform and execution capabilities in sectors including marine cargo, political risk and trade credit insurance.
The acquisition has received regulatory approval from the Monetary Authority of Singapore.
Arthur J Gallagher UK chairman of international development John Hastings-Bass said establishing representative office in Singapore is the next step in expansion and underscores the commitment to serving the international client base and their investors worldwide.
However, the terms of the transaction were not disclosed not be disclosed.