Gallagher establishes Malaysia presenceJanuary 7 2020 by Andrew Tjaardstra
Gallagher has taken an undisclosed minority stake in specialist Malaysian broker SP&G Insurance Brokers.
Kuala Lumpur-headquartered SP&G has a focus on the aviation market, but also places property and liability risks, as well as marine, engineering, personal accident, group life and health and other specialty lines.
Vyvienne Wade, chief executive of Gallagher’s international division, said the investment in SP&G fits with the US broker’s international growth strategy of partnering with brokers in stable and maturing insurance markets.
A Gallagher statement said: “As an aviation-centric broker since 1974, SP&G represents a natural and complementary fit with Gallagher’s global aerospace division, which has operations in the UK, the US, Canada, Australia, New Zealand and 10 other countries spanning Europe, Latin America and Asia — but, to date, no on-the-ground operation in Malaysia.”
With over 40 staff it generated revenues of more than US$6 million in 2018.
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The appointment is part of a broader expansion plan in the region.