Aon has agreed to purchase Gallagher Re in a deal worth $45 million less than a month after Arthur J. Gallagher announced it was putting the company up for sale.
The transaction, announced Friday, will involve an initial cash payment of $30 million from Chicago-based Aon and additional payments over the next 12 months. Itasca, Ill.-based Gallagher said the payments should amount to an additional $15 million cash after closing.
The agreement involves Gallagher Re's U.S. and U.K. reinsurance brokerage businesses, with about 50 employees coming over from Gallagher to Aon, according to someone familiar with the arrangements.
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