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Member, Beacon International Group, Ltd.
Itasca, Ill.-based Arthur J. Gallagher & Co. has acquired Auckland, New Zealand-based retail broker Mike Henry Insurance Brokers Ltd., Gallagher said Friday.
The buy is Gallagher’s first broker acquisition in New Zealand, according to a spokeswoman for the company. Terms of the transaction were not disclosed.
Mike Henry has annualized revenues of approximately $4.5 million and 30 staff operating from its offices in Auckland and Christchurch, New Zealand, Gallagher said in a statement. It provides retail property/casualty insurance, employee benefits products and services, and affinity plans to its middle-market commercial clients in New Zealand, and specializes in coverage for the transportation and freight, jewelry, travel, marine, hotel and hospitality industries as well as the public sector, according to Gallagher.
Mike Henry CEO Graham Henry and his associates will stay on under the direction of Andrew Godden, head of Gallagher's Australasia brokerage business.
“As a three-year member of Gallagher Global Alliance, MHIB is an example of how our global correspondent broker alliance strategy can help expand strong working relationships into future partners,” said J. Patrick Gallagher Jr., Arthur J. Gallagher’s chairman, president and CEO, in the statement.
Arthur J. Gallagher is the world’s fourth-largest insurance broker, according to Business Insurance’s latest ranking.