'With its suite of specialisms and first-class reputation among clients in the UK marketplace, it will make an outstanding addition to our global team'
Global US-based brokerage firm Arthur J. Gallagher & Co. has signed a definitive agreement to fully acquire specialist UK insurance broker Stackhouse Poland Group.
Subject to regulatory approval, the transaction is expected to close in the first quarter of 2019.
Stackhouse Poland was founded in 1974, it has more than 500 employers and operates a network of 23 offices across the UK. It generates over £55m revenue a year and specialises in high-net-worth clients, real estate, commercial, healthcare and a wide range of niche insurance sectors.
"Having begun life as a small, general practice broker, Stackhouse Poland has since grown through a well-managed blend of organic growth and targeted acquisitions, just like Gallagher," said J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallaher & Co. "With its suite of specialisms and first-class reputation among clients in the UK marketplace, it will make an outstanding addition to our global team."
Michael Rea, CEO of the UK retail division added: "This is a fantastic opportunity to bring together our two high-performing businesses. We've long admired Stackhouse Poland as an ambitious, well-run insurance broker with an impressive portfolio of specialisms that are highly complementary to our own, such as private clients, real estate, marine, churches and education.
"From our earliest discussions with Tim and the team, it was clear their business, like ours, has been built around a relentless focus on client service and we look forward to creating an extraordinary business together."
‘Long-term global partner'
Tim Johnson, Group CEO of Stackhouse Poland, commented: "In Gallagher we have found the ideal ally to take the business to the next level. It is clear that the Gallagher team shares Stackhouse Poland values - putting clients first by employing and developing top class insurance professionals. The support we have had from our investment partners at Synova has seen us grow into a significant business in the UK marketplace, and the time was right to find a long-term global partner."
Synova Capital is a European growth investor in financial services, technology, business services and health and education which invested in Stackhouse Poland in 2014.
'Forcing good businesses to pay more isn’t the answer'
A first for the panel
COVER receives top plaudit from industry body
New channels, specialist advisers and mortgage brokers
51% would use personal wealth