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Member, Beacon International Group, Ltd.
LONDON—Arthur J. Gallagher & Co. said Monday that it has signed a definitive agreement to acquire most of the insurance brokerage business of London-based broker FirstCity Partnership Ltd.
Terms of the deal, expected to close in April, were not disclosed.
FirstCity Partnership is a privately owned insurance and reinsurance brokerage firm specializing in the financial services industry. Other core practice areas include professional risk, asset protection, trade and political risk, fine art and specialty risks. It is a Financial Services Authority-authorized Lloyd's of London broker.
Tim Watkins, deputy chairman of FirstCity, and a team of brokers will operate as a new financial and professional lines division of Gallagher's U.K. brokerage operations, while the remainder of FirstCity's staff will merge into Gallagher's U.K. operations, the Itasca, Ill.-based broker said.
The acquisition reportedly will bring about £20 million ($29.8 million) in revenues and more than 100 employees to Gallagher.
All divisions will operate under the direction of David Ross, CEO of Arthur J. Gallagher (U.K.) Ltd., Gallagher said.