Rolling Meadows, Ill.-based broker Gallagher announced it has acquired a controlling interest in Purple Bridge Group Ltd., the holding company of UK specialist property insurance provider Vasek Insurance Services Ltd.
The deal includes Vasek’s appointed representative Insure My Villa, and subsidiary brands including Unoccupied Direct. Further terms of the transaction were not disclosed.
Based in Nottingham, England, Vasek was established 20 years ago in 1998 by Managing Director Richard Berridge to offer easier access for harder to place property insurance, and to provide quality products and excellent service to the broker market. Since then the business has expanded significantly, broadening its product range for customers and achieving consistently strong organic growth.
Vasek and its 80-strong team of insurance professionals specialize in cover for landlords, unoccupied property, commercial property, holiday and second homes, home insurance, high net worth, blocks of flats, rent guarantee and non-standard homes and will continue to be led by Berridge.
It will become part of Gallagher’s UK Retail division, reporting to Gareth Birch, managing director of Gallagher’s UK small-and-medium-sized enterprise (SME) and personal lines businesses, which provide tailor-made solutions for small businesses and private clients.
“As we continue to expand our business through acquisition alongside our focus on organic growth, Vasek is another fantastic addition,” commented Michael Rea, CEO of UK Retail for Gallagher. (Gallagher is the brand name of Arthur J. Gallagher & Co.)
“It’s a large scale, quality, property-led broker, offering specialist solutions that will be immediately accretive to Gallagher’s UK business,” Rea added.
“Vasek’s complementary product range will further strengthen our established specialism in providing tailor-made solutions to property owners for harder-to-place risks, expanding our routes to market and ensuring we maximize customer choice,” he said.
“Over the last 20 years we’ve built a talented, specialist team of passionate and dedicated individuals who have developed great customer products and five-star service,” affirmed Berridge.
“That’s something we’re hugely proud of. It’s now the right time to come together with the right global partner to help us continue our strong growth story – and Gallagher is the perfect fit for us, he continued.
Patrick Gallagher, Jr., chairman, president and CEO of Arthur J. Gallagher & Co, commented: “Vasek is a high-quality broker with strong growth potential, offering businesses and individuals a broad selection of tailor-made property solutions. I am delighted to welcome Richard and his associates to our growing global team.”
In the UK, Gallagher has more than 4,500 employees, specializing in risk management and insurance solutions for corporate, commercial and personal customers. It operates through a regional UK network of branches in more than 50 locations, and its specialty London market operations.
Source: Arthur J. Gallagher & Co.
Topics Mergers & Acquisitions Agencies Property A.J. Gallagher
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