Arthur J. Gallagher & Co. Acquires Türkiye-based Aspera
Arthur J. Gallagher & Co. announced the acquisition of Istanbul, Türkiye-based Aspera Sigorta ve Reasürans Brokerliği A.Ş. (Aspera). Terms of the transaction were not disclosed.
Aspera is an insurance and reinsurance brokerage firm specializing in clients operating in sectors including energy & power, industrial property, financial lines, construction, and aviation & space. Founding partner Evrim Özkoç and the broking team will remain with the business under the direction of Gündüz Tezel, head of Gallagher’s operations in Türkiye.
“Aspera is a highly regarded firm whose market expertise will enhance our existing brokerage capabilities in Türkiye,” said J. Patrick Gallagher, Jr., Chairman and CEO. “I am very pleased to welcome Evrim and his associates to our growing, global team.”
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Arthur J. Gallagher & Co. Acquires RMA General Limited and Dyste Williams
Arthur J. Gallagher & Co. yesterday announced the acquisition of New Zealand-based RMA General Limited (RMA) and its associated insurance broking businesses. Terms of the transaction were not disclosed.
RMA provides commercial and personal insurance products as well as tailored life and health solutions to clients throughout New Zealand. Josh Adams and his team will operate under the direction of Carl O’Shea, head of Gallagher’s New Zealand retail brokerage operations.
“RMA has a client-focused culture like our own and will expand our brokerage capabilities in New Zealand,” said J. Patrick Gallagher, Jr., Chairman and CEO. “I am delighted to welcome Josh and his associates to our growing, global team.”
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Dyste Williams
Arthur J. Gallagher & Co. yesterday also announced the acquisition of Minneapolis, Minnesota-based Dyste Williams. Terms of the transaction were not disclosed.
Dyste Williams is a retail insurance agency offering a full suite of commercial lines, employee benefits and personal lines services to clients in the Upper Midwest. Ted Dyste, Nels Dyste and their team will remain in their current location as part of Gallagher Agency Alliance under the direction of Jen Tadin, head of Gallagher Select, its U.S. property/casualty operations for small businesses and personal insurance.
“Dyste Williams is a highly regarded agency with a long history of client service that will further deepen our small business capabilities,” said J. Patrick Gallagher, Jr., Chairman and CEO. “I am delighted to welcome Ted, Nels and their associates to Gallagher.”
Gallagher Agency Alliance is a merger & acquisitions model partnering with agencies that specialize in small business property/casualty insurance and employee benefits.
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Η Gallagher εξαγοράζει την AssuredPartners
Η Arthur J. Gallagher & Co ανακοίνωσε ότι υπέγραψε οριστική συμφωνία για την εξαγορά της AssuredPartners, μιας ασφαλιστικής μεσιτικής εταιρείας στις ΗΠΑ με εξειδίκευση σε εμπορική ασφάλιση περιουσίας/ζημιών και άλλες εξειδικευμένες ασφαλίσεις έναντι τιμήματος 13,45 δισ. δολαρίων.
Η συναλλαγή θεωρείται η μεγαλύτερη πώληση ασφαλιστικού μεσίτη των ΗΠΑ σε στρατηγικό αγοραστή στην ιστορία του κλάδου. Υπόκειται σε συνήθεις κανονιστικές εγκρίσεις και αναμένεται να ολοκληρωθεί κατά το πρώτο τρίμηνο του 2025.
Λαμβάνοντας υπόψη τα φορολογικά οφέλη και τις εξοικονομήσεις κόστους που αναμένονται από τη συγχώνευση των λειτουργιών, το καθαρό τελικό τίμημα ανέρχεται σε περίπου 12,45 δισεκατομμύρια δολάρια.
Η Gallagher σκοπεύει να χρηματοδοτήσει την εξαγορά χρησιμοποιώντας συνδυασμό μακροπρόθεσμου χρέους, βραχυπρόθεσμων δανείων, ελεύθερης ρευστότητας και κοινών μετοχών. Παρά τη μεγάλη επένδυση, η εταιρεία τόνισε ότι η συμφωνία δεν θα επηρεάσει τη δυνατότητά της να εξαγοράζει μικρότερες επιχειρήσεις ούτε την ισχυρή πιστοληπτική της αξιολόγηση.
Η συγχώνευση αναμένεται να οδηγήσει σε σημαντικές εξοικονομήσεις κόστους, που υπολογίζονται περίπου στα 160 εκατομμύρια δολάρια. Ωστόσο, η Gallagher προβλέπει ότι θα χρειαστεί να δαπανήσει περίπου 500 εκατομμύρια δολάρια για την ενσωμάτωση των δύο εταιρειών, εκ των οποίων τα 200 εκατομμύρια δολάρια αφορούν μη ρευστές αποδοχές διατήρησης προσωπικού, μέσα στα επόμενα τρία χρόνια.
Παρά το κόστος ενσωμάτωσης, η Gallagher εκτιμά ότι η εξαγορά θα αυξήσει τα κέρδη ανά μετοχή κατά 10% έως 12% μέσα στο επόμενο έτος.
Ο Πρόεδρος και Διευθύνων Σύμβουλος της Gallagher, J. Patrick Gallagher, Jr., δήλωσε: «Τρέφουμε μεγάλο σεβασμό για την ταχύτατα αναπτυσσόμενη AssuredPartners από την ίδρυσή της το 2011. Το επιχειρηματικό της πνεύμα, η εκτεταμένη παρουσία στις ΗΠΑ και η εστίαση στην αγορά μεσαίου μεγέθους την καθιστούν ιδανικό συνεργάτη για συγχώνευση με την Gallagher. Αξιοποιώντας περαιτέρω τις εξειδικευμένες λύσεις μας, τις επενδύσεις σε δεδομένα και αναλύσεις, τα εξειδικευμένα προϊόντα μας και τα κοινά μας συστήματα, μπορούμε να προσφέρουμε ακόμα μεγαλύτερη αξία στους πελάτες μας και να ενισχύσουμε τη μελλοντική μας ανάπτυξη. Ανυπομονώ να καλωσορίσω τους 10.900 συνεργάτες της AssuredPartners στην οικογένεια της Gallagher».
Η εξαγορά αναμένεται να επεκτείνει την παρουσία της Gallagher στην αμερικανική αγορά μεσαίου μεγέθους για ασφάλειες περιουσίας/ζημιών και παροχές εργαζομένων. Παράλληλα, δημιουργεί νέες επιχειρηματικές ευκαιρίες μέσω της εξειδίκευσης της Gallagher σε τομείς όπως οι μεταφορές, η ενέργεια, η υγειονομική περίθαλψη, οι κυβερνητικοί εργολάβοι και οι δημόσιοι οργανισμοί.
Επιπλέον, η συμφωνία ενισχύει τη στρατηγική της Gallagher για εξαγορές («tuck-in M&A») και υποστηρίζει τις δραστηριότητές της στη χονδρική, την αντασφάλιση και τη διαχείριση ζημιών. Τέλος, η εξαγορά προσφέρει μεγαλύτερη κλίμακα, εξειδίκευση και ταλέντο στις δραστηριότητες της εταιρείας στο Ηνωμένο Βασίλειο και την Ιρλανδία.
Ο CEO της AssuredPartners, Randy Larsen, σχολίασε: «Αυτή η συμφωνία αποτελεί σημαντικό ορόσημο για την AssuredPartners, αναδεικνύοντας την εξαιρετική επιχείρηση που έχουμε δημιουργήσει και την ισχυρή ανάπτυξη που έχουμε επιτύχει σε μόλις πάνω από μια δεκαετία. Με την Gallagher, συνδυάζουμε απαράμιλλους παγκόσμιους πόρους και εξειδίκευση, καθώς και μια ομάδα εξαιρετικών εργαζομένων που αποτελούν τον πυρήνα της επιτυχίας μας. Είμαι ενθουσιασμένος για το κοινό μας μέλλον.»
Ο συνιδρυτής της AssuredPartners, Jim Henderson, πρόσθεσε: «Όταν ξεκινήσαμε την AssuredPartners, δεν μπορούσα να φανταστώ πόσο μακριά θα φτάναμε. Αυτό που ξεκίνησε ως μια μικρή ομάδα με ένα μεγάλο όραμα έχει εξελιχθεί σε έναν εξαιρετικό οργανισμό, βασισμένο στους πελάτες μας, την κουλτούρα μας και τους ανθρώπους μας».
Aon and Willis Towers Watson (WTW) Take Important Step Toward the Close of Proposed Combination with Agreement to Sell Set of WTW Assets to Gallagher
Aon plc (NYSE: AON) and Willis Towers Watson (NASDAQ: WLTW) announced they have signed a definitive agreement to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co. (Gallagher). These businesses will be divested for a total consideration of $3.57 billion.
The agreement resolves questions raised by the European Commission and is intended to address certain questions raised by regulators in certain other jurisdictions. Aon and Willis Towers Watson continue to work toward obtaining additional regulatory approval in all relevant jurisdictions, including the United States, where regulators are conducting an independent review of the Aon and WTW combination.
“This agreement demonstrates strong momentum on the path to close our proposed combination with Willis Towers Watson,” said Greg Case, Aon’s CEO. “We’ve used this time to align our future leadership team around a one-firm culture that will create new opportunities for colleagues, accelerate innovation on behalf of clients and deliver shareholders the long-term value creation they have come to expect from our team.”
Aon remains positioned to further build on the firm’s track record of over a decade of progress on key financial metrics and achievement of external commitments. The pending combination with Willis Towers Watson is expected to deliver:
Revenue growth, margin expansion through delivery of better solutions, increased cash flow and earnings growth and a strong balance sheet, to generate attractive returns for shareholders in the future.
$800 million of cost synergies1, taking into account this divestiture and other potential remedies.
Allocation of any divestiture proceeds according to Aon’s ROIC framework, in which the firm expects that share buyback will continue to be its highest return activity.
Accretion to adjusted EPS, reflecting the synergy potential of the combination, consistent with initially announced accretion projections in year three and over the long term.2,3
Aon and Willis Towers Watson continue to progress with their integration planning, most recently highlighted by the announcement of the future leadership team that, following the close of the combination, will collaborate to deliver new sources of value to clients and create new opportunities for colleagues.
“We announced this combination knowing that the complementary capabilities of our two firms would allow us to deliver more value to clients and opportunities for colleagues. The events of the last year have only reinforced that rationale, and this announcement is an important step toward realizing that potential,” said John Haley, Willis Towers Watson’s CEO. “We appreciate the extraordinary value these colleagues have delivered to our clients and our company. We are confident they have a bright future at Gallagher.”
Gallagher is a global leader in insurance, risk management and consulting services – generating more than $6 billion in 2020 revenue. The company is headquartered in Rolling Meadows, Ill. and has more than 34,000 employees in 56 countries.
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
Corporate Risk and Broking services in certain countries in Europe (France, Germany, the Netherlands and Spain), excluding Affinity; Bermuda; cyber in the UK; and certain accounts in the Houston and San Francisco offices in the U.S.;
Corporate Risk and Broking services for Property & Casualty and Finex insurance in the European Economic Area, UK, U.S., Brazil and Hong Kong relating to certain large multinational companies headquartered in France, Germany, the Netherlands and Spain;
Corporate Risk and Broking Finex accounts relating to certain large multinational companies headquartered in the UK; and
Health & Benefits business units in France, Spain and Germany.
The transaction with Gallagher is contingent on the completion of the pending Aon and Willis Towers Watson combination, as well as other customary closing conditions. While Aon and WTW are working to complete their combination as soon as possible during the third quarter of 2021, the completion remains subject to the receipt of required regulatory approvals and clearances, including with respect to United States antitrust laws, as well as other customary closing conditions.
1 There are various material assumptions underlying the synergies, which may result in the synergies and other cost reductions being materially greater or less than estimated. The estimates should therefore be read in conjunction with the bases and assumptions for these synergy numbers, which are set out in Appendix I of the Rule 2.5 Announcement made on March 9th, 2020, along with the reports accompanying such statements in Appendix 4 and Appendix 5 to the Rule 2.5 Announcement.2 This statement should not be construed as a profit forecast or interpreted to mean that the profits or earnings of Aon will necessarily match or be greater than or be less than those for the relevant preceding financial period or any other period.3 Statements in this announcement that the combination of Aon and Willis Towers Watson is accretive to adjusted EPS should not be interpreted to mean that Aon earnings per share in the current or any future financial period will necessarily match or be greater than or be less than those for the relevant preceding financial period.
Gallagher Acquires Australia’s Mutual Brokers
Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Canberra, Australian Capital Territory (ACT)-based Mutual Brokers Pty Ltd. Terms of the transaction were not disclosed.
Founded in 1985, Mutual Brokers is an independent broker serving a broad cross-section of commercial and small corporate clients in Canberra and the ACT. Owners Lou Pennetta and Adrian Dodd, and their team, will come under the direction of Head of Metro Branches Mark Saunderson and will relocate to join the Gallagher Canberra branch later in the year.
“Mutual Brokers is a growing, culturally aligned business that doubles our presence and expands our client capabilities in the key Canberra market,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “I am very pleased to welcome Lou, Adrian and their associates to our growing global team.”
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 56 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Special Olympics and Gallagher Announce Global Partnership to Help Scale Special Olympics Sports around the World
Special Olympics and Gallagher, a global insurance brokerage, risk management and consulting services firm, have announced a partnership to help scale Special Olympics sports around the world.
The multi-year partnership establishes Gallagher as a Platinum Partner of Special Olympics International. Gallagher is the official sponsor of Special Olympics sport and coach programming, supporting the movement’s mission to deliver the highest quality of coach training and sport experience to more than five million athletes in over 240 local programs across the globe. Additional Gallagher sponsorship includes the World Winter Games, the 2022 Special Olympics USA Games, and support of the Law Enforcement Torch Run in select markets.
“We are thrilled to partner with Gallagher and are grateful for their support for Special Olympics coaches around the globe as they prepare athletes with intellectual disabilities to compete at their best on and off the playing field,” said Mary Davis, CEO of Special Olympics. “Their generous investment comes with an affinity for our mission of inclusion and an opportunity for our two organizations to learn from each other.”The partnership between the two global organizations embodies a shared commitment to inclusion and helping people find their teams to succeed in life. Special Olympics uses the transformative power of sport as a catalyst for people with intellectual disabilities to develop physical fitness, demonstrate courage, experience joy, build friendships, often through a unified approach bringing people with and without intellectual disabilities together. Gallagher’s company purpose is based on excellence, empathy, and respect to help clients face their future with confidence.
“Gallagher is proud to partner with Special Olympics and join their movement to promote inclusion, equality and acceptance around the world,” said Chris Mead, Chief Marketing Officer at Gallagher. “That mission is closely aligned with The Gallagher Way tenets of supporting, believing, acknowledging and respecting the abilities of one another. We are continuing to put those values into action by partnering with Special Olympics to empower athletes around the world.”
The partnership will directly support global Special Olympics events, year-round activation in regional markets, and ongoing blended learning approaches for coaches. Grounded in the idea that everyone needs to find their team, this partnership will open the door for more people with intellectual disabilities to learn teamwork, improve their fitness, and develop as confident individuals.
Gallagher CIO departs
Gallagher has confirmed that chief information officer Steve O’Donnell has left the business.
A spokesperson for Gallagher said: “I can confirm that Steve O’Donnell has left the business and we wish him well for the future.”
The spokesperson explained that the business will announce O’Donnell’s successor in the next few weeks but declined to comment further.
O’Donnell has previously worked at MS Amlin and held a number of senior roles outside of the insurance industry.
The news follows the departure of Gallagher’s former chief digital and offshoring officer, Vivek Banga, who left the broker in November last year to become the new managing director of Polaris.
Gallagher recently completed the acquisition of Jardine Lloyd Thompson group’s global Aerospace operations.
Earlier this year it bought Stackhouse Poland Group for $350m (£264.5m).
Source: insuranceage