Gallagher’s buying spree continues with aviation brokerDecember 11 2018 by InsuranceAsia News Staff
Acquisitive US-headquartered broker Arthur J Gallagher & Co has bought Boston Marks Group, which includes Boston Marks Insurance in New Zealand, BMG Aviation in Australia and the book of business of Boston Marks Insurance Brokers in the UK.
Founded in New Zealand in 1985 as an independent insurance and reinsurance broker for the aviation sector, Boston Marks Group offers retail property and casualty brokerage services.
In New Zealand, the Boston Marks Insurance Brokers team has joined forces with Crombie Lockwood, which is also part of the Gallagher group and has more than 900 staff and 25 offices in the country.
“Boston Marks’ highly specialised offerings significantly expand our international brokerage capabilities in the aviation sector, in particular in the Australian and New Zealand markets,” said Patrick Gallagher, chairman, president and chief executive of Gallagher.
The deal comes after Gallagher acquired a 40% stake in Indonesian insurance broker IBS Insurance Broker Service earlier this month, in addition to 100% of reinsurance broker IBS Re Singapore.
The company did not disclose any financial details of the acquisition of the Boston Marks Group. Gallagher is the fourth largest global broker and has offices in 34 countries.
- March 19
Economic uncertainty, more complex risks and tighter underwriting are all influencing Asia's markets.
- March 19
The Australian broker network has taken full control of Macquarie Pacific Funding.
- March 14
The US broker has increased its stake in Marsh India to 49% from 26%.
- March 13
The broking giant has decided upon its senior management across the region.