Arthur J. Gallagher & Co. (NYSE: AJG) has acquired a 60% interest in Caribbean insurance broker Risk Management Services Limited (RMS). Terms of the transaction were not disclosed.
Formed in 1978 and located in Port of Spain, the capital of Trinidad and Tobago, RMS is one of that country’s top three brokers. It offers property/casualty and employee benefits products and services to a wide range of private, public and multinational entities in the manufacturing, oil and energy, and service industries. Christian Low and his team will continue to operate from their current location under the direction of Matthew Pragnell, Group CEO of Gallagher in the Caribbean.
“Our Caribbean brokerage operations have worked on regional accounts with RMS since the mid-’90s,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “We have been very impressed with their integrity, knowledge of the business and high-quality service, and we are delighted to further solidify that partnership.”
Arthur J. Gallagher & Co. is a global insurance brokerage, risk management and consulting services firm, headquartered in Rolling Meadows, Illinois. The company has operations in 49 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.