Arthur J Gallagher & Co, an international insurance brokerage and risk management services firm, has signed a definitive agreement to acquire all of the insurance brokerage business of FirstCity Partnership of London, England.
The company said that the FirstCity Partnership is a financial services authority (FSA) authorized Lloyd’s insurance broker and advisory firm. It specializes in insurance coverage for all aspects of the financial services industry and also coverage lines for professional risk; asset protection; trade and political risks and fine art specie; contingency and special risks for their global clients.
Under the agreement, the Tim Watkins and a team of brokers will operate as the Financial and Professional Lines Division, a unit within Gallagher’s UK brokerage operation.
The remainder of their colleagues will merge into Gallagher’s existing UK brokerage operations. All the divisions will operate under direction of David Ross, CEO of Arthur J Gallagher (UK), Gallagher’s approved Lloyd’s of London broker. The transaction is expected to close in April 2010.
Patrick Gallagher, chairman, president and CEO of Arthur J Gallagher, said: “FirstCity has developed an excellent reputation for having a highly experienced, respected team, solid market relationships and the highest quality service. With their financial industry expertise and client-based culture, this team is an outstanding strategic fit for our London operations. We’re extremely pleased to welcome Tim and his associates to our growing Gallagher family of professionals.”