Arthur J Gallagher & Co (AJG), an insurance brokerage and risk management services firm based in Illinois, has acquired a 56% equity interest in JAO & Partners, located in Lima, Peru, as part of its global expansion strategy.
Financial terms of the transaction have not been revealed by any parties.
Founded in 2009, JAO & Partners has annualized revenues of nearly $4m and mainly offers property & casualty and financial institution risk products to its predominately Peruvian clients.
The purchased insurance business specializes in the energy, mining and construction industries.
After completion of the transaction, Jose Antonio Osterling and his associates will continue to operate from their current location under the direction of Vyvienne Wade, head of Gallagher’s international commercial operations based in London.
Commenting on the acquisition, Arthur J Gallagher & Co chairman, president and CEO J. Patrick Gallagher, Jr., said, "We continue to expand our international sales and service capabilities by building relationships with strong international brokers that we can develop into solid strategic partners.
"JAO & Partners has an outstanding reputation for its client-focused, innovative and specialized team. They are a great cultural match for our organization, and their expertise will help broaden our international presence in Latin America."
The latest deal follows Arthur J Gallagher’s acquisition of Kent, Kent & Tingle (KK&T) in Shreveport, Louisiana, in February 2014, which operates as a retail insurance broker providing employee benefits, property/casualty and risk management insurance services.
Arthur J Gallagher & Co operates in 24 nations and offers client-service capabilities in more than 140 countries globally, leveraging a network of correspondent brokers and consultants.
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Image: Arthur J Gallagher & Co corporate headquarters in Itasca, Illinois. Photo courtesy of: Arthur J. Gallagher & Co. 1999 -2014.