Arthur J Gallagher, the US parent of UK firm Gallagher Employee Benefits, has acquired financial services firm Oval for £199m.
Gallagher says the deal, which was announced to the New York Stock Exchange this week, will strengthen its footprint in the UK.
Oval chief executive Peter Blanc will lead Gallagher’s combined UK retail division while Oval’s benefits and wealth management business will become part of Gallagher’s UK-based benefit and consulting specialist operations, led by Tim Johnson.
Arthur J Gallagher chief executive J Patrick Gallagher says: “Oval will significantly expand our retail distribution and firmly position
Gallagher as a top-three UK retail commercial broker operating from 70 locations. Our combined opera-tions will also make us the largest retail broker in several key UK locations.
“Together, we expect to deliver unparalleled service and expertise in the ever-changing insurance brokerage marketplace and continue our common strategies of growing organically and through complemen-tary mergers.”