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Arthur J. Gallagher, the London-based international arm of brokerage Arthur J. Gallagher & Co., said Wednesday it had reached a settlement with David Ross, the former CEO of its international operations, and two other executives.
Under the terms of the settlement of the dispute initiated in the High Court in London in March, Gallagher will receive £10 million ($15.7 million) this month and £10 million in April 2016, “and all legal action relating to this matter will cease,” Gallagher said in a statement.
“As part of the settlement, Gallagher has agreed to the early release of David Ross, effective Nov. 1, 2015, and Adrian Brown and Sarah Dalgarno, effective Sept. 2, 2015,” it added.
Mr. Ross in February was appointed CEO of Sierra Investment Holdings Ltd., a portfolio company set up by Highbridge Principal Strategies, to invest in London-based brokerage consolidator Towergate Insurance Ltd.
Ms. Dalgarno formerly was chief risk officer at Gallagher and now holds the same role at Towergate.
Mr. Brown, who previously was executive chairman of underwriting and distribution at Gallagher, will become CEO of Towergate for a six-week period beginning Sept. 14, when current interim CEO Scott Egan leaves the company to become group chief financial officer of RSA Insurance Group P.L.C., until Mr. Ross joins and takes up the post.
Mr. Brown then will become chief operating officer at Towergate, the Towergate said in a statement.
“I am very pleased that a settlement has been agreed between a number of incoming executives and Gallagher, bringing much-needed clarity to the management of the Towergate business,” John Tiner, chairman of Towergate, said in the statement.
(Reuters) — Workers accusing Apple, Google and two other Silicon Valley companies of conspiring to hold down salaries will try on Monday to win approval of a $415 million settlement from a U.S. judge who rejected an earlier deal as too low.