Arthur J. Gallagher & Co. Acquires Tay River Holdings Ltd

Rhea-AI Summary

Arthur J. Gallagher & Co. has announced the acquisition of UK-based Tay River Holdings Ltd and its related managing general agent companies. The details of the transaction, including financial terms, remain undisclosed. Tay, based in the City of London, specializes in marine liability, ports and terminals liability, marine war risks, and kidnap and ransom coverages, with expansion into maritime professional indemnity and logistics insurance. The acquisition aims to enhance Pen Underwriting's international capabilities and will be led by Paul Hartley. Gallagher operates globally, providing insurance and risk management services across approximately 130 countries.

Positive

• Acquisition of Tay River Holdings enhances Pen Underwriting's international capabilities.
• Tay's reputation and expertise in marine insurance bolster Gallagher's service offerings.
• Expansion into new insurance areas like maritime professional indemnity and logistics insurance.

Negative

• None.

ROLLING MEADOWS, Ill., April 3, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that its specialist underwriting subsidiary Pen Underwriting has acquired UK-based Tay River Holdings Ltd ("Tay") and its specialist managing general agent (MGA) related companies. Terms of the transaction were not disclosed.

Based in the City of London, Tay specializes in providing coverages for marine liability, ports & terminals liability, marine war risks and kidnap & ransom through its independent broker clients. More recently, it has expanded into maritime professional indemnity, freight and logistics insurance, as well as brown water hull. The business will become part of Pen Underwriting, and Paul Hartley will continue to lead the team.

"Tay's strong reputation for specialist underwriting, client excellence and diversified distribution will enhance Pen's international capabilities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are delighted to welcome Paul and his 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	Media: Paul Day, Communications Manager
630-285-3661/ ray_iardella@ajg.com	630-285-5946/ paul_day1@ajg.com

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What is the purpose of Arthur J. Gallagher acquiring Tay River Holdings Ltd?

The acquisition aims to enhance Pen Underwriting's international capabilities and diversify its offerings in marine insurance.

What does Tay River Holdings specialize in?

Tay River Holdings specializes in marine liability, ports and terminals liability, marine war risks, and kidnap and ransom coverages, among other areas.

When was the acquisition of Tay River Holdings announced?

The acquisition was announced on April 3, 2023.

What is the stock symbol for Arthur J. Gallagher?

The stock symbol for Arthur J. Gallagher is AJG.