Arthur J. Gallagher acquires Australian niche broker Parmia

Arthur J. Gallagher & Co. has expanded its Australian operations by acquiring Parmia Pty Ltd. of Beenleigh, Australia, Itasca, Illinois-based Gallagher announced Friday.

Parmia is an insurance broker and risk management services firm that provides retail property/casualty insurance solutions for its professional association and industry group clients in Australia. The brokerage specializes in coverages for more than 15 associations including the graphic design, finance, fitness and beauty sectors.

Terms of the transaction were not disclosed.

“Parmia is well-known and respected in the industry for its depth of expertise and commitment to outstanding client service,” said Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. in a statement announcing the deal. “Their team-based culture and strong niche expertise are aligned with ours, and they will be an excellent complement to our Australia operations.”

In April, Gallagher executed its biggest deal to date with the acquisition of the insurance brokerage units of Australia’s Wesfarmers Ltd. for $938 million.

Gallagher is the fourth-largest insurance broker in the world, according to Business Insurance’s latest ranking.