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Gallagher acquires Australian MGA

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Arthur J. Gallagher & Co. has acquired SRS Underwriting Agency PTY Ltd., which is headquartered in Brisbane, Australia, Gallagher announced Tuesday.

SRS is a managing general agency which offers a wide variety of insurance products including liability, construction, prestige home, professional risks, motor, and accident and health cover for their broker clients.

"Going forward, Paul Lynam will lead Gallagher's underwriting group in Australia. He and his associates will continue to operate from their current Brisbane, Sydney and Melbourne locations under the direction of John Hasting-Bass, head of Gallagher's international underwriting operations," said Gallagher in a statement.

"For two decades, SRS has been successful in developing an underwriting team which is extremely well-known in the industry for its market-leading expertise, innovative products and first-class claims service," said Gallagher Chairman, President and CEO J. Patrick Gallagher, Jr. in the statement. “Their solid relationship with Lloyd's, geographic presence and client capabilities will be a strong complement to our growing international operations in Australia.”

Terms of the transaction were not disclosed.