Transforming Gallagher: the comings and goings

Since buying First City in March last year, Gallagher has shaken up the UK broking and insurance landscape with a series of daring London market style raids.

Chief executive David Ross is determined to build a formidable UK broking retail business, supplemented by a managing general agency, and he will let nothing get in his way of empire building.

The business model Gallagher wants is similar to that of Towergate, so it’s no surprise that Gallagher has pounced on the consolidator’s staff.

Here we chart the main comings and goings at Gallagher on its journey to becoming a UK titan.

Comings:

April 2010 – Gallagher fires off a signal of intent as it buys professional indemnity specialist First City

Feb 2011 – Gallagher acquires Essex-based managing general agency Woodstock Underwriting Agencies.

May 2011 – Heath Lambert snapped up in £97m deal. Gallagher paid 6.7 times adjusted EBITDA. Heath Lambert chief executive Adrian Colosso stays on in the business.

June 2011  - Towergate is in the firing line this time as Gallagher swoops for commercial underwriting director Simon Read and homeowners managing director Scott Banks, who leave along with a number of their colleagues.

July 2011 – Gallagher strengthens its Midlands operation by snapping up several account executives from Willis.

August 2011 – Gallagher rips out the heart of Oxygen by signing its 21-strong London market team.

Sept 2011 - Gallagher works on a deal to buy Oxygen Insurance Broker’s last remaining asset, its Leeds-based corporate risks business.

Nov 2011 – Towergate’s specialists markets managing director Nigel Palmer and former retail broking director Dave Partington both announce they’re heading for Gallagher

Goings:

Sept 2011 – Former Heath Lambert chief executive Adrian Colosso is put on sabbatical. The talk of the market is that he won’t be coming back.

Nov 2011 – Gallagher suffers a minor blow when highly-rated Mike Owen, managing director of commercial affinity, heads for Bluefin.