Gallagher Re buys independent Lloyd's brokerage

Gallagher Re, the reinsurance brokerage business of Arthur J. Gallagher & Co., has acquired U.K.-based independent Lloyd's brokerage Bay Risk Services Ltd., from specialty managing general agent Optio Group Ltd., RTTNews reported. Bay Risk, which specializes in structuring and placing contracts of delegated underwriting authority, will become part of the global programs practice of Gallagher Re.