Gallagher expands in Latin America

Acquisitive U.S. broker Arthur J. Gallagher & Co. has bought a majority stake in Vina del Mar, Chile-based retail insurance brokerage Bareyre Corredores de Seguros S.A., Gallagher announced Tuesday.

Terms of the deal, which was handled through the Itasca, Illinois-based brokerage’s international arm, were not disclosed.

Bareyre specializes in marine and shipping insurance.

Gallagher, which has long used acquisitions to expand in the United States and more recently internationally, has an existing reinsurance brokerage operation in Chile.

“Today sees us begin to turn our strategic vision for Latin America into an exciting reality; building out our reinsurance offerings with a strong retail presence; creating businesses rooted in reputational strength, specialist capabilities and local on-the-ground expertise,” Vyvienne Wade, international commercial director at Arthur J. Gallagher in London, said in a statement.

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