Purchase of Noraxis Capital Corp will allow expansion into more niche products
Arthur J Gallagher has completed the purchase of Noraxis Capital Corporation, making it a top five Canadian insurance broker.
The broker expects the acquisition to be a platform for growth in the Canadian market, in particular in the high-end specialty business such as construction and mining as well as professional indemnity and financial lines.
The deal will also allow Gallagher to expand into more niche products such as real estate and condominiums.
Arthur J Gallagher International chief executive David Ross said: “We’ve been looking hard for the right opportunity to grow our business in Canada and know that in Noraxis we’ve found the perfect partner to take this next strategic step. Early on in our acquisition discussions, Noraxis changed from being a company we wanted to buy to a group of people we wanted to invest in – and that immediate sense of affinity doesn’t come along every day.”
Noraxis Group President Ken Keenan said: “Today is a truly exciting day as we begin a new chapter in our story, becoming part of one of the world’s largest insurance brokers with a first-class reputation – one that shares our client-first approach to business, our service philosophy and entrepreneurial spirit. Just like Gallagher, we have built our business by acquiring brokers known to be the best in their geography and niche, and now we can focus on harnessing our core areas of complementary expertise and collective strength to best effect.”