Gallagher UK to incorporate FirstCity into new financial and professional risks arm
Arthur J Gallagher UK is set to complete its takeover of Lloyd's broker FirstCity Partnership.
The US broker’s UK subsidiary said it will acquire “substantially all of FirstCity's (re)insurance broking business”, which includes its financial and professional lines arm. FirstCity’s UK team will join AJG UK and its US staff will join Arthur J Gallagher & Co.
Gallagher UK will launch a new dedicated financial and professional risks division to incorporate FirstCity’s business in that sector.
Other parts of the Lloyd’s broker’s portfolio – including asset protection, trade and political risks, and fine art specie, contingency and special risks – will be integrated into existing Gallagher UK divisions, which will trade as part of London-based Arthur J Gallagher International, employing more than 600 staff.
AJG UK chief executive David Ross said the deal makes sense “both strategically and culturally”.
FirstCity deputy chairman Tim Watkins commented: “This deal provides us with the resources and market strength to compete at the highest level.”
