Lloyd's Insurance Broker Business to be Sold Almost Entirely to Gallagher

Posted on Apr 01, 2010 by Sergio Ulloa (G+)  | Tags: FirstCity, Gallagher, Lloyd's Insurance Broker

FirstCity Partnership Ltd., a Lloyd's registered broker for many years, is in the process of selling a large portion of its insurance brokerage business to Arthur J. Gallagher & Co. as per a recent announcement made by the latter. FirstCity Partnership Ltd. is a Lloyd's insurance broker authorised by the Financial Services Authority of the UK, and an advisory firm that focuses on insurance coverage for the financial services industry, including coverages for professional risk, asset protection and trade and political risks, among others. Illinois-based Arthur J. Gallagher & Co. has operations in 15 countries, and London is one of its larger markets. As one of the largest brokers in the world, Arthur J. Gallagher is expanding through recent acquisitions, including purchasing Concord, N.C.-based Shuford Insurance Agency Inc., wholesale broker Triad Insurance Agency Inc. in Honolulu, USA from the Bank of Hawaii, and Fox Lawson & Associates, a consulting firm in St. Paul, Minn., USA that specialises in compensation and human resources issues. Gallagher earlier acquired a Brazilian broker in February and a retail broker in California in early March, making FirstCity the third acquisition of 2010 so far. After completion of the deal, the financial and professional coverage divisions will be operated by a team of brokers from the brokerage unit of Gallagher in the UK, Arthur J. Gallagher (UK) Ltd., the Lloyd's broker of the company. Terms of the deal were not disclosed. Companies mentioned: Arthur J. Gallagher & Co. Arthur J. Gallagher & Co., one of the world's largest insurance brokerage and risk management services firms, provides a full range of retail and wholesale property/casualty (P/C) brokerage and alternative risk transfer services globally, as well as employee benefit brokerage, consulting and actuarial services. Gallagher also offers claims and information management, risk control consulting and appraisal services to clients around the world. FirstCity Partnership Ltd. FirstCity is a privately owned insurance and reinsurance advisory firm with a specialisation in the financial services sector. We are widely regarded as the leading independent broker in the professional markets in which we operate and have traded successfully as FirstCity since 1993.