US broking giant acquires Gallagher Re business

Aon has acquired Gallagher Re’s US and UK businesses for more than $30m (£15.3m).

The broker said it had “signed definitive agreements to acquire substantially all of Gallagher Re’s US and UK reinsurance brokerage business”.

The agreement includes an initial payment of around $30m in cash and an additional payment for revenues generated in the 12 months following the close of the transaction.

The UK portion of the transaction will be finalised when all regulatory requirements are met.

A team of industry professionals from Gallagher Re, based in the US and UK, will join Aon Re Global.