Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, headquartered in Itasca, Ill., announced that its subsidiary, Gallagher Bassett Services Inc., acquired the remaining 50 percent of its Australian joint venture, Wyatt Gallagher Bassett Pty Ltd, from McGill Holdings Pty Ltd. Terms of the agreement were not disclosed.
Gallagher formed its joint venture with the Wyatt Group in 1997. At that time, Wyatt had a network of small offices throughout Australia with a total staff of 90 employees. Since then, Wyatt Gallagher Bassett consolidated its operations and now operates in Brisbane, Melbourne and Sydney with a staff of 250 risk management professionals. They continue to provide claims management, information services, risk control consulting, and loss adjusting for the Australian and New Zealand markets.
This operation will continue under the direction of Russell G. Parsons, vice president of Gallagher Bassett International, reporting through Richard J. McKenna, Gallagher Bassett’s president and chief executive officer.
J. Patrick Gallagher, Jr., president and chief executive officer, stated, “When we first formed this joint venture with Wyatt Group, our intent was to increase our spectrum of claim and risk control services available to the Australian insurance market. We have been successful in that mission. Wyatt Gallagher Bassett has grown significantly in the region, and this 100 percent ownership reinforces our commitment to the Australian market and the continuation of our global expansion goals.”
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