UK broker network Compass has completed a management buyout from international brokerage Arthur J. Gallagher (AJG) for an undisclosed sum.
The deal sees the Compass business transfer into wholly independent ownership for the first time since its launch in January 2013.
“Today marks the beginning of a new and exciting chapter in Compass’ story of growth as we look forward to continuing our strong support of the UK’s broker community as an independent business,” managing director John Lincoln said.
Compass became part of AJG in November 2013 following the latter’s acquisition of the Giles Group.
After joining AJG, gross written premium controlled by Compass members increased by 65% or to more than £660 million.
“Having achieved the necessary strength in size and scale, we feel the time is now right to go it alone,” Lincoln said.
The broker network said its management team will not be changed and will still be led by Lincoln.
“Our focus and commitment remains the same – to deliver what our expanding community of members needs to achieve their own growth ambitions,” he said.
Despite the newly completed management buyout, Lincoln said Compass looks forward to continuing its collaboration with AJG to benefit from its specialisations and expertise.
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