Gallagher acquires Southampton-based broker

Gallagher has today announced the acquisition of Portmore Insurance Brokers.

Southampton-based commercial broker Portmore was established in 2006 by joint managing directors Graham Jacobs and Paul Chapman and services both private and public sector mid-market businesses.

It is Gallagher’s second acquisition of 2018, with more promised into 2019. It is the first acquisition since Simon Matson took over from Graham Chilton as Gallagher’s UK chief executive.

Portmore and its c.40-team of insurance professionals will become part of Gallagher’s retail branch network, which serves its customers from more than 50 locations around the UK.

UK strategy

Commenting on the deal, Michael Rea, chief executive of UK Retail for Gallagher, said Portmore was an “excellent fit” for its UK strategy.

Rea said: “They are exactly the right type of well-run, commercially led, growing regional broker we’re looking for to further strengthen and complement our existing UK branch network.

“Together with our existing operations in Southampton and Chichester, Portmore will help Gallagher become the pre-eminent commercial broker on the South Coast.”

And Jacobs said that joining up with Gallagher would enable Portmore to deliver on offering more specialised and bespoke solutions to their clients.

He added: “Becoming part of a locally-focused but globally-backed insurance broker and risk management services firm enables us to take our business to the next level of expansion.

“As a partner, Gallagher offers a great blend of complementary expertise, scale and geographic spread, while at the same time sharing our client-focused values of service excellence, professional integrity and teamwork. We’re excited for what the future holds.”