New acquisition will report into OIM’s Sian Fisher

Broking group Arthur J Gallagher has bought London-based underwriting agency Contego Underwriting.

Contego specialises in underwriting products for the construction and engineering industries. It has clients in over 50 countries, with a particular focus on Latin America and Australia.

Contego managing director Charles Parmenter and his team will continue to operate out of their Fenchurch Avenue office under the direction of Sian Fisher (pictured), managing director of Gallagher’s London-based managing general agent OIM.

Gallagher chief executive Patrick Gallagher said: “Contego has an outstanding reputation for being one of the leading providers of insurance products in this area and for providing quality service through their highly experienced team.

“Their solid areas of expertise and geographic presence will be a strong complement to our OIM operations in London. We’re extremely pleased to welcome Charles and his team to our growing Gallagher family of professionals.”

Separately, Arthur J Gallagher has completed a $50m (£32.2m) private placement of bonds. The company will use  the proceeds to fund acquisitions and for general corporate purposes.