Gallagher makes Caribbean broker buy

Arthur J. Gallagher & Co.  has acquired a 60% interest in Caribbean insurance broker Risk Management Services Ltd., Gallagher said in a statement Friday.

Terms of the transaction were not disclosed.

Risk Management Services, based in Port of Spain, the capital of Trinidad and Tobago, provides property/casualty and employee benefits products and services to enterprises in the manufacturing, oil and energy, and service industries, the statement said. The firm has nearly 60 employees, according to a Gallagher spokeswoman’s email.

Christian Low, managing director of Risk Management Services, and his team will remain with the firm at their current location, reporting to Matthew Pragnell, group CEO of Gallagher in the Caribbean, the statement said.

Arthur J. Gallagher & Co. is ranked fourth among the 100 largest brokers of U.S business, according to the latest rankings from Business Insurance.