NU Online News Service, Feb. 24, 11:56 a.m. EST
Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. said it has acquired Woodbrook Underwriting Agencies Ltd. in London.
Financial terms of the transaction were not released. The acquisition is expected to close during the first quarter of this year.
Woodbrook is an underwriting agency representing a number of major insurance companies and Lloyd's Syndicates, acting directly or through a local broker. They specialize in the real estate, distribution, leisure, education and community service industries.
The firm said it will merge with OIM Underwriting, Gallagher's current managing general agency platform in London, and the combined companies will trade as AJG Underwriting Group.
Chris Blackwell, Woodbrook's principal, and his associates, approximately 30 employees, will continue to operate out of their current offices in Essex and at Lloyd's of London. They ultimately will be under the direction of David Ross, chief executive officer of Arthur J. Gallagher (UK) Ltd., Gallagher's Lloyd's of London broker.
"Woodbrook is well known in the underwriting community for its depth of experience, market expertise and quality client service," J. Patrick Gallagher Jr., chairman, president and CEO, said in a statement. "With their solid underwriting capabilities and team focus, Woodbrook will be an outstanding complement to our London underwriting operations."
Arthur J. Gallagher, an international insurance brokerage and risk management services firm, has operations in 16 countries and does business in more than 110 countries around the world through a network of correspondent brokers and consultants.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.