ROLLING MEADOWS, Ill. — Arthur J. Gallagher & Co. today announced that its reinsurance division Gallagher Re has acquired the business and assets of UK-based Bay Risk Services Limited (“Bay Risk”), a member of the Optio Group. Terms of the transaction were not disclosed.
Founded in 2016 as a London-based, independent Lloyd’s broker, Bay Risk specializes in structuring and placing contracts of delegated underwriting authority. It serves the needs of niche program managers, managing general agents (MGAs), Lloyd’s coverholders and carriers seeking alternative distribution channels across a variety of classes. The business will become part of the global programs practice of Gallagher Re and the team will continue to be led by Andrew Smallshaw and Robin Barker-Hahlo.
“Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team.”
SOURCE Arthur J. Gallagher & Co.
AgencyEquity statement on this article:
Some of the statements in this third party article may be forward-looking statements and perhaps even inaccurate statements. AgencyEquity or Strategic Agencies LLC does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will AgencyEquity or Strategic Agencies LLC be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.