Gallagher Consolidates Reinsurance Arm
NU Online News Service, Jan. 24, 4:01 p.m. EST?Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. announced it is merging its two reinsurance brokerage subsidiaries to form Gallagher RE Inc.[@@]
The merger of the two?Arthur J. Gallagher Intermediaries Inc., in New York, and John P. Woods & Co. Inc., in Jersey City, N.J.?will be effective immediately.
The new subsidiary will be headed by Randall S. Jensen, a 25-year reinsurance veteran and current president of Arthur J. Gallagher Intermediaries.
Gallagher said the merger and name change would allow for a more efficient deployment of client services and improve a corporate-wide effort to build stronger brand awareness for Gallagher's reinsurance brokerage operations.
In addition, Gallagher RE purchased certain reinsurance brokerage assets in Minnesota and Alabama from JLT Re Solutions Inc., of Lawrenceville, N.J. The acquisition includes the addition of several reinsurance professionals and expands Gallagher RE's presence in the United States.
No additional terms of the transaction were disclosed.
Gallagher RE now has U.S. operations in New York, New Jersey, Connecticut, Illinois, Georgia, Pennsylvania, California, Alabama and Minnesota, the firm added.
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