Global insurance brokerage Arthur J. Gallagher & Co. a has acquired a 40% stake in PT IBS Insurance Broking Service and 100% of IBS Re Singapore for an undisclosed price.
IBS Insurance Broking Service is a risk services company, which was established in 1975, and based in Jakarta. The company provides risk services and insurance solutions for corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers in Indonesia.
IBS Insurance Broking Service focuses on specific industry sectors that include real estate, banking and finance, marine, manufacturing, energy, forestry and agriculture, construction, plants and equipment, and motor.
The Indonesian risk services company is said to have revenues of more than $10m.
IBS Group CEO/president director Swandi Kendy said: “We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business.
“This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities.”
IBS Re Singapore, in which Arthur J. Gallagher will take full ownership, is a reinsurance broker that was established in 2004. Along with IBS Re Indonesia, IBS Re Singapore serves the customer base of IBS Group and also Indonesian domestic and joint-venture insurers.
Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher said: “IBS Group has been a key participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for more than 15 years.
“This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities.”
In late November, Arthur J. Gallagher acquired California-based R.T. Beers & Company Insurance Services for an undisclosed price. R.T. Beers, a retail property/casualty broker that serves throughout the US, focuses mainly on risk identification and mitigation.
Arthur J. Gallagher also acquired Buckman-Mitchell, a California-based retail property/casualty and employee benefits agency and consultant, which specializes in commercial and agribusiness.