Arthur J Gallagher & Co, a US-based insurance brokerage and risk management services firm, has acquired the remaining 60% equity interest in Australia-based Specialised Broking Associates (SBA).
In October 2008, Arthur J Gallagher acquired a 40% equity interest in SBA with the option to increase its ownership to 100%.
SBA provides risk management and commercial property/casualty insurance services to its Australian and international clients. They specialize in mining, energy, construction, and corporate industries.
Bill Grierson, executive chairman of SBA, and his associates will continue to operate from their current Perth location under the name SBA Gallagher. They will be a part of Arthur J Gallagher Australasia Holdings (AJGA) led by Andrew Godden, a former principal of SBA who was recently appointed as AJGA’s CEO.
Patrick Gallagher, chairman, president and CEO of Arthur J Gallagher, said: Part of our international growth strategy is to develop successful broker partners that help us expand our global sales and service capabilities. SBA is a great example of that strategy in practice.
“We began this partnership two years ago, and today SBA’s expertise in natural resource risk management as well as their geographic presence has become a great component of Gallagher’s international operations.