US-based broker maintains global acquisition momentum
Arthur J Gallagher has acquired San Diego-based GS Levine Insurance Services.
The new acquisition is an insurance broker providing property/casualty, employee benefits and risk management insurance services on the US west coast according to a company release.
“GS Levine is well known in the industry for its strong client commitment, solid carrier relationships and technical expertise,” said chairman, president and chief executive J Patrick Gallagher Jr.
Gallagher’s new entity will be headed up by James McFarlane and Norbert Chung who are existing Gallagher leaders in the region. GS Levine chief executive Gary Levine, and president Ross Afsahi will continue to work out of San Diego.
The move maintains Gallagher’s acquisition momentum following the acquisition of UK-based Giles in September this year.
Gallagher reported a 25.4% hike in turnover to £214m last year in the UK.
The US-headquartered broker does not publish consolidated accounts for international operations, but said in a statement that its EBITDA margin of its UK business had improved by 20%.
Gallagher predicted further significant growth from the acquisitions of Giles, Belmont, and commercial and property book of Barbon.