JSM Financial: Global reinsurance broker Arthur J. Gallagher acquires some First City units.

March 29, 2010 - PRLog -- As part of its ongoing expansion drive, global reinsurance broker Arthur J Gallagher International (AJG) has signed a definitive agreement to acquire substantially all of the insurance brokerage business of FirstCity Partnership Ltd. of London, England, JSM financial sources report, and according to the firms CEO Arthur J Gallagher is eyeing more buys this year.

The deal is expected to close in April and terms of the agreement have not been disclosed.

JSM Financial research shows that Arthur J. Gallagher & Co. is an international insurance brokerage and risk management services firm with operations in 15 countries, doing business in over 100 countries globally. The firm is headquartered in Itasca, Illinois.

Arthur J. Gallagher purchased the UK-based FirstCity’s financial and professional lines business after recently expanding into the energy insurance sector, corporate client risk management and the managing General Agent space, which the chief executive indicated would bring in an additional $29.7 million (£20 million) to the brokerage and that he expects a significant uptick in top and bottom lines as a result of the transaction.

The professional and financial lines of FirstCity will be merged into a new division of Arthur J. Gallagher UK, JSM Financial was informed, which is expected to handle about $750 million (£500 million) in premiums through around 90 dedicated staff.

"FirstCity has developed an excellent reputation for having a highly experienced, respected team, solid market relationships and the highest quality service,” JSM Financial believes   J. Patrick Gallagher, Jr., Chairman, President and CEO was recently quoted as saying..

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