International brokerage giant Gallagher has made a significant swoop in the UK – snapping up regional commercial insurance broker Risk Services Ltd, based in Chester.
Established back in 1999 by managing director Steve Lowe, Risk Services focuses on providing solutions for corporate and commercial clients and is one of the largest independent insurance brokers serving Chester, the North Wales and the surrounding area. It has a team of around 20 who will now become part of Gallagher’s UK retail branch network which has more than 50 locations, with Lowe continuing to focus on client relationships and business development while Tom Penn, director, steps up to the position of head of office in Chester.
“I am enormously proud of the business we have built over the last 19 years so it was important to choose the right partner to take it to the next level,” said Lowe. “We wanted a partner that would share our values and offer security to our clients, while providing access to an even greater array of technical expertise, buying power and specialist capabilities. Gallagher is one of the largest insurance and risk management companies in the world yet it still holds true to the family values and client-first culture on which it was founded, making it the ideal fit.”
“It’s great for Gallagher to be back buying broking businesses in the UK and Risk Services is exactly the right type of well-run, client-focused regional broker that complements our existing branch network so well,” added Michael Rea, Gallagher CEO of UK retail. “If regional brokers are looking for a great home for their clients and people, then Gallagher should be their first port of call. Risk Services is a fantastic addition to our cluster of offices in the North West. We are delighted to welcome them into Gallagher and very much look forward to working with the team.”
Terms of the deal were not disclosed.