Arthur J. Gallagher & Co. Acquires Devitt Insurance Services Limited

Rhea-AI Summary

Arthur J. Gallagher & Co. (NYSE: AJG) has acquired Devitt Insurance Services Limited, a UK-based insurance broker specializing in motorcycle and motorhome insurance. Founded in 1936, Devitt serves around 130,000 customers with a team of 130 employees. The acquisition, terms undisclosed, is expected to enhance Gallagher's UK Retail niche practices and digital capabilities. The existing management team will continue operations under Gallagher's direction, which reflects synergy and potential for market expansion.

Positive

• Acquisition of Devitt enhances Gallagher's specialist expertise in the UK insurance market.
• Increased customer base with 130,000 customers from Devitt.
• Strengthens digital capabilities and extends affinity partnerships.

Negative

• None.

ROLLING MEADOWS, Ill., Feb. 1, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Romford, Essex-based Devitt Insurance Services Limited ("Devitt") in the United Kingdom. Terms of the transaction were not disclosed.

Founded in 1936, Devitt is a privately owned retail property/casualty insurance broker predominantly focusing on coverages for motorcycles and motorhomes. It serves approximately 130,000 customers through a team of 130 colleagues. William Hughes, Tony Chapman and their associates will continue to operate from their current locations in Romford and Ipswich, Suffolk, under the direction of SME and Personal Lines Managing Director Gareth Birch.

"Devitt is a highly-regarded business and culturally is a great fit with Gallagher," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "The business's impressive specialist expertise is complementary to our existing UK Retail niche practices, extends our affinity partnership reach and further enhances our digital capabilities. I am delighted to welcome William, Tony and their associates to Gallagher."

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

Investors:  Ray Iardella				Media:  Linda J. Collins
VP – Investor Relations				VP – Corporate Communications
630-285-3661/ ray_iardella@ajg.com				630-285-4009/ linda_collins@ajg.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/arthur-j-gallagher--co-acquires-devitt-insurance-services-limited-301472031.html

SOURCE Arthur J. Gallagher & Co.

FAQ

What is the significance of Arthur J. Gallagher's acquisition of Devitt Insurance Services Limited?

The acquisition strengthens Gallagher's position in the UK insurance market and enhances its digital and niche market capabilities.

When was the acquisition of Devitt by Arthur J. Gallagher announced?

The acquisition was announced on February 1, 2022.

How many customers does Devitt Insurance Services Limited serve?

Devitt serves approximately 130,000 customers.

What type of insurance does Devitt primarily focus on?

Devitt primarily focuses on insurance coverages for motorcycles and motorhomes.

Will Devitt's management team continue to operate post-acquisition?

Yes, the management team will continue to operate from their current locations under Gallagher's direction.