Arthur J. Gallagher & Co. and Mexican brokerage Grupo CP are partnering to buy a 56% stake in Lima, Peru-based JAO & Partners, Itasca, Ill.-based Gallagher announced Friday.
Other terms of the transaction were not disclosed.
Gallagher holds a minority stake in Mexico City-based Group CP. The two brokers have an equal investment in the Peruvian firm.
JAO & Partners has annual revenues of approximately $4 million. The brokerage primarily places property/casualty, and directors and officers liability and related insurance to its predominately Peruvian clients and specializes in the energy, mining and construction industries.
The deal expands Gallagher's Latin American presence.
“We continue to expand our international sales and service capabilities by building relationships with strong international brokers that we can develop into solid strategic partners,” said Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. in a statement.