Arthur J. Gallagher & Co. (NYSE: AJG) today announced the signing of an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT).
The agreement provides for the acquisition of all assets within JLT's global aerospace retail and wholesale insurance broking division, which includes operations in the UK, US, Canada, Australia, New Zealand and 10 other countries spanning Europe, Latin America and Asia. The agreement also includes the assets of Hayward Aviation, a UK insurance broker that specializes in aviation for high-net worth individuals and smaller airlines.
Approximately 250 employees from JLT's global aerospace division will join Gallagher as part of the agreement. This includes around 100 employees within JLT's London Market operations who will become part of Gallagher's existing aviation division, which most recently added independent aviation insurance and reinsurance broker, Boston Marks, to its growing London-based aviation operations.
"The addition of JLT's global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "The business portfolio is a highly complementary geographic fit with Gallagher's existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.