The acquisition will see AJG consume all assets within JLT’s global aerospace retail and wholesale insurance broking division, which includes operations in the US, UK, Canada, Australia, New Zealand and 10 other countries in Europe, Latin America and Asia.
The global insurance brokerage will also take on the assets of Hayward Aviation, a UK insurance broker that specialises in aviation for high-net worth individuals and smaller airlines.
“The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,” said J. Patrick Gallagher, Jr., chairman, president and CEO.
As part of the deal, approximately 250 employees from JLT’s global aerospace division will join Gallagher, including about 100 employees from JLT’s London Market operations, who will become part of Gallagher’s growing aviation division.
Gallagher said he was looking forward to welcoming the newcomers. He commented: “The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring."
The deal, which remains subject to European Commission approval, is scheduled to close in the spring to coincide with the closing of the JLT purchase by Marsh & McLennan Companies, Inc.