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Arthur J. Gallagher & Co. on Monday said it has acquired a 65% equity interest in ARM Re Ltda. Corredores de Reaseguros, located in Bogota, Colombia.
Terms of the transaction were not disclosed.
ARM places property/casualty risks for its predominately Colombian clients. It specializes in construction, energy and mobile equipment risks and handles facultative business across terrorism, transportation, property, third-party liability, and contractors' machinery and equipment, Gallagher said in a statement.
Executives Carlos Rodriguez Angulo and Fernando Tellez, and their associates, will continue to operate from their current Bogota location under the ultimate direction of London-based Grahame Chilton, head of Gallagher's international brokerage operations.
“We continue to look for specialist international brokers to develop into key strategic partners as we expand our sales and service capabilities around the globe,” said Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. in the statement.
“With its experienced and entrepreneurial team, reputation for innovative program design, and focus on delivering flexible and integrated client solutions, ARM is a great cultural fit for Gallagher,” he said.
The Colombian transaction is the latest in a series of international moves by Gallagher, which ranked fourth on Business Insurance's most recent list of the world's largest brokerages.
Private equity-backed buyers again dominated mergers and acquisitions of insurance agents and brokers during the record-setting first half of 2015.