The deal, which was first announced in August of this year, is valued at around £2.34bn, with a potential additional consideration of $750m (£541m) subject to certain third-year revenue targets.
Gallagher said this acquisition brings specialist expertise, underpinned by a portfolio of analytics capabilities including catastrophe modeling, dynamic financial analysis, rating agency analysis and capital modeling that will “immediately provide exceptional value to insurance carriers and insurance capital providers around the world”.
Gallagher Re will be led by James Kent, Global Reinsurance CEO, who will report to Tom Gallagher, Gallagher’s CEO of Global Property and Casualty Brokerage.
J. Patrick Gallagher, Jr., chairman, president and CEO, said: “I’d like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.”
Kent added: “This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. I am incredibly proud to be leading Gallagher Re into its next phase of growth.”