Gallagher makes Indonesia, Singapore buys

Arthur J. Gallagher & Co. Inc. has acquired a 40% stake in Jakarta, Indonesia-based broker PT IBS Insurance Broking Service and 100% of its affiliated reinsurance broker, IBS Re Singapore.

Other terms of the transaction were not disclosed.

PT IBS Insurance Broking Services was established in 1975 and has more than $10 million in revenue, according a Gallagher statement. According to IBS group’s website, it has more than 120 employees and its specialties include real estate, banking and finance, forestry and agriculture, marine and general industry among others, according to IBS.

“IBS Group has been a key participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for more than 15 years,” Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said in the statement.

“Many of IBS Group’s strengths are complementary to those of our London and Singapore-based specialty and reinsurance teams,” Vyvienne Wade, CEO of Gallagher’s overseas division, said in the statement.