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Arthur J. Gallagher & Co. said Monday that its reinsurance division, Gallagher Re, has acquired London-based Bay Risk Services Ltd.
Terms of the transaction were not disclosed.
Bay Risk, founded in 2016, specializes in structuring and placing contracts of delegated underwriting authority for niche program managers, managing general agents, Lloyd's coverholders and insurers seeking alternative distribution channels, Gallagher said in a statement.
The business will become part of the global programs practice of Gallagher Re and be led by joint managing directors Andrew Smallshaw and Robin Barker-Hahlo. Bay Risk’s staff of about 10 employees is expected to join Gallagher, according to an email from a spokesman.
J. Patrick Gallagher Jr., chairman, president and CEO of Arthur J. Gallagher, said in the statement the deal supports Gallagher Re’s expanding global programs practice.