Arthur J Gallagher & Company, an insurance brokerage and risk management services firm, has acquired a 40% equity interest in Specialized Broking Associates, headquartered in Perth, Western Australia. Terms of the transaction were not disclosed.
Specialized Broking Associates (SBA) is a retail insurance broker offering risk management and commercial property/casualty insurance services to its Australian and international clients.
Bill Grierson, executive chairman of SBA, and his associates will continue to operate from their current Perth location under the name SBA Gallagher.
Patrick Gallagher, Jr, chairman, president and CEO of Arthur J Gallagher, said: We continue to expand our global sales and service capabilities by building relationships with strong international brokers that we can develop into solid strategic partners. SBA has an outstanding reputation for an innovative, specialized team that focuses on quality client service. It is a great cultural match for both organizations, and their expertise will be a great complement to our international presence.