Transport specialist acquisition just weeks after Giles deal
Arthur J Gallagher has bought passenger transport specialist Belmont International for an undisclosed sum.
Belmont, based in Kent, generates more than £55m in gross written premium and has more than 80 employees. It posted a 4% rise in turnover to £6.9m last year, while pre-tax profits rose 46% to £1.3m.
It will become part of Gallagher’s UK retail business, with the exception of its employee benefits division which will become part of Gallagher Employee Benefits.
Founder Barrie Etchells will step down as managing director and be retained on a consultancy basis before retiring and his deputy David Hinton will lead the business.
Gallagher said the acquisition would strongly enhance its retail presence in the South East and deepen its niche expertise.
Chief executive David Ross said: “We have long tracked Belmont’s success and admired its market-leading position. Not only is it synonymous with risk management expertise in passenger transport but Belmont also boasts a thriving commercial insurance business with other niche players in property ownership, renewable energy and the motor trade.
“Bringing Belmont on board is in line with our strategic objectives for growth – we only buy strong, profitable businesses that are accretive to our value. Its undisputed strength in passenger transport will add to UK retail’s existing specialist units within the public sector and education arena, as well as credit and surety.”
The deal comes hot on the heels of Gallagher’s £233m acquisition of Giles, which is expected to be approved by regulators next month. The Giles deal will add £57m to Gallagher’s UK retail brokerage.
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