Arthur J Gallagher & Co, an insurance brokerage and risk management services firm, has signed a definitive agreement to acquire the business and certain assets of Woodbrook Underwriting Agencies in London, England.

Woodbrook is a Financial Services Authority authorized underwriting agency representing a number of major insurance companies and Lloyd’s Syndicates, acting directly or through a local intermediary. They specialize in the real estate, distribution, leisure, education and community service industries.

The brokerage said that the Woodbrook will merge with OIM Underwriting, Gallagher’s current managing general agency (MGA) platform in London, and the combined companies will trade as AJG Underwriting Group.

Chris Blackwell and his associates will continue to operate out of their current offices in Essex and at Lloyd’s of London ultimately under the direction of David Ross, CEO of Arthur J Gallagher UK, Gallagher’s Lloyd’s of London broker.

Arthur J Gallagher & Co chairman, president and CEO Patrick Gallagher said Woodbrook is well known in the underwriting community for its depth of experience, market expertise and quality client service.

"With their solid underwriting capabilities and team focus, Woodbrook will be an outstanding complement to our London underwriting operations," Gallagher said.

Terms of the transaction were not disclosed and is expected to close during the first quarter 2011.