Arthur J. Gallagher has completed the previously announced acquisition of Jardine Lloyd Thompson (JLT) Group's global aerospace operations.
Image: Gallagher completes acquiring JLT’s global aerospace operations. Photo: Courtesy of Gerd Altmann/Pixabay.
Gallagher signed an agreement to acquire JLT’s global aerospace operations this March. The acquisition was subject to approval from European Commission and was expected to close in this spring and was connected with the closure of JLT purchase by Marsh & McLennan.
As per the agreement, the Gallagher will acquire all the assets belonging to JLT’s global aerospace retail and wholesale insurance broking division. These include operations in the UK, US, Canada, Australia, New Zealand and 10 other countries across Europe, Latin America and Asia.
The agreement also includes acquisition of assets of Hayward Aviation, a UK insurance broker that specialises in aviation for high-net worth individuals and smaller airlines.
With the acquisition, about 250 employees from JLT’s aerospace division will now join Gallagher. This includes nearly 100 employees within JLT’s London Market operations and will become part of Gallagher’s existing aviation division.
The division recently added Boston Marks, an aviation insurance and reinsurance broker, to its growing London-based aviation operations.
Back in March, when the announcement was made, Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: “The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector.
“The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring.”
Recently, Gallagher acquired New South Wales-based Protectors Insurance Brokers and Regent Insurance Brokers, collectively referred to as The Protectors Group (TPG) for an undisclosed amount.
Established in 1982, TPG is a retail broker specialising in construction, hospitality and transport coverage for commercial and corporate clients in Greater Western Sydney.
The Illinois-based insurance company stated that David Michell, Vince Gioiello and their associates will continue to operate TPG from their current location, under the direction of Gallagher Australia branches head Sean Gallagher.