’With Gallagher, we bring together not only unparalleled global resources and expert insights, but also a team of exceptional employees,’ says chief executive
Broker Gallagher has agreed a deal to acquire AssuredPartners for just over $12bn (£9.4bn).
Reports earlier today (9 December 2024) revealed that the two firms were in advanced talks over a deal.
It was also reported that AssuredPartners’ private equity owners, GTCR and Apax Partners, were exploring options including a full sale of the company.
Gallagher said that acquiring the broker would add scale to its UK and Ireland arm and expand its retail middle-market property and casualty offerings.
Gallagher chairman and chief executive J. Patrick Gallagher said: “We have held in high regard the fast-growing AssuredPartners franchise since its founding in 2011.
”AssuredPartners’ entrepreneurial spirit, broad US footprint and middle-market focus make them an ideal merger partner for Gallagher.”
Transaction details
AssuredPartners’ 10,900 colleagues serve a range of customers, including commercial, public entity and individuals, through approximately 400 offices.
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Gallagher expects to finance its purchase of the firm through a combination of long-term debt, short-term borrowings, free cash and common equity.
The transaction, which is valued at $12.45bn, is expected to close during the first quarter of 2025.
Randy Larsen, chief executive at AssuredPartners, said: “This marks a significant milestone in AssuredPartners’ journey, showcasing the outstanding business we’ve built and strong growth we’ve experienced in just over a decade.
”With Gallagher, we bring together not only unparalleled global resources and expert insights, but also a team of exceptional employees whose expertise and dedication have been the driving force behind our success. I am excited for our future together.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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