Broker raises $125m to fund acquisitions

Arthur J Gallagher has raised $125m in a private placement of senior unsecured notes.

The US-based broking group intends to use the proceeds from the issue to fund acquisitions.

This private placement includes $75m of series D notes bearing interest at 5.18%, and $50m of series E notes bearing interest at 5.49%.

The series D notes mature in 2021 and the series E notes mature in 2023.

Gallagher is believed to be looking at acquisitions in the UK. A Gallagher spokesman told Insurance Times in December that the company is “always in the market for good people and businesses that fit our culture”.

Gallagher was rumoured to be in talks with Griffiths & Armour about a tie-up last year, but discussions are thought to have stalled.

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