Arthur J. Gallagher & Co. Acquires Bay Risk Services Limited

Rhea-AI Summary

On March 6, 2023, Arthur J. Gallagher & Co. (NYSE: AJG) announced the acquisition of Bay Risk Services Limited, a UK-based independent Lloyd's broker specializing in delegated underwriting authority. The terms of the acquisition were not disclosed. Bay Risk, founded in 2016, serves niche program managers and carriers, and will integrate into Gallagher Re's global programs practice. The acquisition is expected to enhance Gallagher's offerings in this domain, with the current leadership of Bay Risk continuing under Andrew Smallshaw and Robin Barker-Hahlo. This strategic move aligns with Gallagher's commitment to client excellence and market expansion.

Positive

• Acquisition of Bay Risk enhances Gallagher Re's capabilities.
• Bay Risk specializes in delegated underwriting authority, complementing Gallagher's existing services.
• Leadership continuity with current Bay Risk executives ensures stability.

Negative

• None.

ROLLING MEADOWS, Ill., March 6, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that its reinsurance division Gallagher Re has acquired the business and assets of UK-based Bay Risk Services Limited ("Bay Risk"), a member of the Optio Group. Terms of the transaction were not disclosed.

Founded in 2016 as a London-based, independent Lloyd's broker, Bay Risk specializes in structuring and placing contracts of delegated underwriting authority. It serves the needs of niche program managers, managing general agents (MGAs), Lloyd's coverholders and carriers seeking alternative distribution channels across a variety of classes. The business will become part of the global programs practice of Gallagher Re and the team will continue to be led by Andrew Smallshaw and Robin Barker-Hahlo.

"Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team."

Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

Investors:  Ray Iardella                              VP – Investor Relations  630-285-3661/ ray_iardella@ajg.com

Media:  Paul Day    Communications Manager 630-285-5946/ paul_day1@ajg.com

 

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What is the significance of Arthur J. Gallagher's acquisition of Bay Risk Services?

The acquisition enhances Gallagher Re's capabilities in delegated underwriting authority, expanding its service offerings.

When was the acquisition of Bay Risk Services announced?

The acquisition was announced on March 6, 2023.

What is Bay Risk Services known for?

Bay Risk Services is known for its specialization in structuring and placing contracts of delegated underwriting authority.

Who will lead Bay Risk after the acquisition by Gallagher?

Andrew Smallshaw and Robin Barker-Hahlo will continue to lead Bay Risk after the acquisition.

Did Arthur J. Gallagher disclose the terms of the Bay Risk acquisition?

No, the terms of the acquisition were not disclosed.