NU Online News Service, Feb. 17, 10:22 a.m. EST
Arthur J. Gallagher & Co. insurance brokerage announced it has acquired Securitas Re of Sao Paulo, Brazil, from Estater Gestao de Investimentos Ltda. Financial terms of the transaction were not disclosed.
The Itasca, Ill.-based firm said that the acquisition, a licensed facultative reinsurance brokerage trading internationally as Gallagher Brazil, will continue to build on Gallagher's existing book of business in South America.
The acquired company has expertise in the petrochemical, energy and construction industries and will focus on providing property and casualty, surety, construction, and directors and officers coverages. It will also help secure facultative reinsurance support for Brazilian cedants, Gallagher said..
Gallagher Brazil will be run locally by its current manager, Fernando Prado, with an office of three associates, under the direction of David Ross, chief executive officer of Arthur J. Gallagher (UK) Ltd., Gallagher's FSA-authorized broker and approved Lloyd's of London broker.
"Part of our international strategy is to build a stronger presence in key global hubs like Brazil. Gallagher Brazil is a good example of how we can transform our existing correspondent broker relationships into solid operating partners," said J. Patrick Gallagher Jr., chairman, president and CEO.
"Their areas of expertise will complement our international operations," he added.
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