Gallagher agrees to acquire AssuredPartners for $12bn

Broker Gallagher has agreed a deal to acquire AssuredPartners for just over $12bn (£9.4bn).

Reports earlier today (9 December 2024) revealed that the two firms were in advanced talks over a deal.

It was also reported that AssuredPartners’ private equity owners, GTCR and Apax Partners, were exploring options including a full sale of the company.

Gallagher said that acquiring the broker would add scale to its UK and Ireland arm and expand its retail middle-market property and casualty offerings.

Gallagher chairman and chief executive J. Patrick Gallagher said: “We have held in high regard the fast-growing AssuredPartners franchise since its founding in 2011. 

”AssuredPartners’ entrepreneurial spirit, broad US footprint and middle-market focus make them an ideal merger partner for Gallagher.”

Transaction details

AssuredPartners’ 10,900 colleagues serve a range of customers, including commercial, public entity and individuals, through approximately 400 offices.

Gallagher expects to finance its purchase of the firm through a combination of long-term debt, short-term borrowings, free cash and common equity.

The transaction, which is valued at $12.45bn, is expected to close during the first quarter of 2025.

Randy Larsen, chief executive at AssuredPartners, said: “This marks a significant milestone in AssuredPartners’ journey, showcasing the outstanding business we’ve built and strong growth we’ve experienced in just over a decade. 

”With Gallagher, we bring together not only unparalleled global resources and expert insights, but also a team of exceptional employees whose expertise and dedication have been the driving force behind our success.  I am excited for our future together.”