Gallagher ousts HSBC from $30m account

Arthur J Gallagher UK has snatched the remaining part of a $30m dollar jewellers’ block account from HSBC Insurance Brokers, Insurance Times has learnt.

The account, which is supplied by US intermediary Wexler Insurance Agency, is understood to be worth around $30m in premium income to the London market.

More than 50% of the account was already written by Gallagher UK within its specie unit.

Two members of HSBC Insurance Broker’s specie team are also expected to move to Gallagher UK. Last month, Marsh confirmed it was acquiring HSBC Insurance Brokers in a £135m deal.

See this week’s issue of Insurance Times for more.