Arthur J. Gallagher & Co. has acquired several assets from independent insurance and reinsurance broker Boston Marks Group (BMG).
Specifically, Gallagher has snapped up Boston Marks Insurance NZ in New Zealand, BMG Aviation in Australia and the book of business of Boston Marks Insurance Brokers in the UK. Terms of the transaction were not disclosed.
Boston Marks Group was founded in 1985 to serve the aviation sector. Today, the broker offers retail P&C brokerage services to government, commercial and private aviation and aerospace clients across BMG’s global locations in New Zealand, Australia, and England.
A release said that Boston Marks Insurance Brokers New Zealand CEO Pat McLaughlan and his associates will continue to operate from their current location under the direction of Gallagher New Zealand CEO Carl O’Shea. BMG Aviation Australia CEO Damian Hooper and his associates will also continue to operate from their current location under the direction of Gallagher managing director of specialisms Paul Harvey. Boston Marks Insurance Brokers London CEO Phil Stafford and colleagues will join Gallagher’s London office, to be led by Gallagher executive director of aviation Mark Walters.
“Boston Marks’ highly specialised offerings significantly expand our international brokerage capabilities in the aviation sector, in particular in the Australian and New Zealand markets,” commented Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. “I am very excited to welcome Pat, Damian, Phil and their associates to our growing Gallagher family of professionals.”
“Boston Marks is a great fit for Gallagher; they have fantastic people and are a strong global player in the specialist aviation insurance market. Gallagher has a history of growth in the specialist sectors and Boston Marks will contribute meaningful to our global aviation capabilities,” added Gallagher Australia and New Zealand managing director Steve Lockwood.