Gallagher acquires Briat Insurance
AJ Gallagher said it bought Grand Cayman-based Briat Insurance for an undisclosed sum.
The deal enables the acquisitive Gallagher to expand its commercial, professional, homeowners’ and health coverage.
Briat Managing Director Clive Dawson, general manager Jon Coleman, and their associates will continue operating in Grand Cayman Island under the direction of Matthew Pragnell, CEO of Gallagher Caribbean Group.
Commenting on the transaction, CEO Pat Gallagher said: “Briat is a highly regarded business with particular strengths in professional lines, larger commercial accounts and high-net-worth homes, and has been a Gallagher Global Network partner for nearly a decade.”
“I am delighted to welcome Clive, Jon and their associates to our growing global team," he added.
The Briat acquisition was one of two deals announced Monday as part of Gallagher’s aggressive M&A expansion strategy. The company also bought Manchester Underwriting Agencies through its MGA subsidiary in the UK, Pen Underwriting.
Last month, Gallagher acquired Arkansas-based Alpha Surety & Insurance Brokerage to expand into the wholesale commercial surety bonds business in various sectors. The firm also bought Files Agribusiness, a Louisiana-based firm that deals in federal crop insurance coverage and agricultural P&C operations.
It’s biggest M&A deal, the pending $3.25bn acquisition of Willis Re, was announced in August.