Arthur J. Gallagher & Co. has acquired Brisbane, Australia-based insurance brokerage and risk management firm Blue Holdings Pty Ltd.
A spokeswoman for Gallagher declined to comment on the terms of the deal, which were not disclosed.
Blue Holdings Pty Ltd. provides retail property/casualty and insolvency insurance products and services for middle-market clients throughout Australia, focusing on providing coverage for the construction, transportation, engineering, mining and professional services industries Gallagher said Thursday in a statement.
Blue CEO Richard Smith and his team of approximately 45 employees will continue to operate from their current locations under Andrew Godden, head of Gallagher's Australian brokerage operation, Gallagher said.
Blue's “strong presence will add to our national brokerage footprint and its national insolvency practice will be a wonderful new niche specialization for us,” Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said in the statement.
The deal is the latest in a series of four Australian acquisitions for Gallagher this year. Previously, Gallagher announced Dec. 1 that it had acquired Clayton North, Australia-based Instrat Insurance Brokers Pty Ltd. In April, Gallagher acquired Westfarmers Ltd.'s insurance brokerage operations for nearly $940 million.
Arthur J. Gallagher is the fourth-largest insurance broker worldwide, according to Business Insurance's latest ranking.
Arthur J. Gallagher & Co. has expanded its Australian operations by acquiring Parmia Pty Ltd. of Beenleigh, Australia, Itasca, Illinois-based Gallagher announced Friday.