The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with completion of Marsh and McLennan Companies’ acquisition of JLT.
Under the agreement, Gallagher will takeover all assets within JLT’s global aerospace retail and wholesale insurance broking division, including operations in the UK, U.S, Canada, Australia, New Zealand and 10 other countries spanning Europe, Latin America and Asia.
The transaction also includes the assets of Hayward Aviation, a UK insurance broker that specialises in aviation for high-net worth individuals and smaller airlines.
Approximately 250 employees from the aerospace division will join Gallagher as part of the agreement. This includes around 100 employees within JLT’s London Market operations who will become part of Gallagher’s existing aviation division.
“The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,” said J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer (CEO) of Arthur J. Gallagher.
“The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses,” he continued. “We look forward to welcoming the team to Gallagher later this spring.”