U.K. broker network buys way out of Gallagher, strikes out on its own
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London-based broker network Compass said Friday that it had completed a management buyout from Arthur J. Gallagher & Co. for an undisclosed sum.
The Compass business is transferred into wholly independent ownership for the first time since it launched in January 2013, the network said.
The management team, led by Managing Director John Lincoln, will remain unchanged.
“Today marks the beginning of a new and exciting chapter in Compass’ story of growth,” Mr. Lincoln said in a statement, “as we look forward to continuing our strong support of the U.K.’s broker community as an independent business.”
Mr. Lincoln also said that “having achieved the necessary strength in size and scale, we feel it is the right time to go it alone.”
Compass became part of Gallagher when the company acquired the Giles Group of Cos. in November 2013. Since then, gross written premiums controlled by Compass members have increased 65% to about $872 million, Compass said.
As part of that deal, Gallagher also acquired Westinsure, another broker network. At the time Gallagher said in a statement that “these two networks offer a strong national alliance for smaller brokers and bring a new proposition to Arthur J. Gallagher.”
A Gallagher spokesperson has not responded to a request for comment.
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