Oxygen’s 21-strong London market team has agreed to join Arthur J. Gallagher International.
Under an agreement with Oxygen, the latter has agreed to release the executive team from their restrictive covenants with immediate effect so that they can move to the UK-based subsidiary of the American broking giant.
The team of 21 staff specialise in sectors such as construction, power and mining, professional indemnity, management risks, binders and facilities. The terms of the transaction have not been disclosed.
Gallagher said that clients would experience uninterrupted service from the same specialists who have looked after them at Oxygen, while benefiting from the resources and opportunities that a larger organisation can provide.
The departure of the Oxygen London market team follows Oxygen’s sale of its underwriting arm to Gallagher in 2008.
Arthur J. Gallagher International CEO David Ross said: “This agreement represents the culmination of lengthy discussions and builds on the already excellent trading relationship originated by the sale to Gallagher of Oxygen’s underwriting business in September 2008. The move is a natural extension of this relationship and will complement and enhance Gallagher’s existing capabilities.”
Oxygen Holdings CEO Nigel Barton said: “Oxygen has a successful track record in developing some great entrepreneurial talent. We are accustomed to buying as well as selling. We have been successful acquirers of exciting businesses in Smart & Cook Consulting and Robertson Taylor and have also successfully sold OIM Underwriting.
“The London market team is comprised of strong entrepreneurial brokers who will thrive within the Gallagher International business. As a result of the move we will now be in a position to reinvest in the remaining elements of the group to enable them to develop and grow further.”
