Arthur J. Gallagher & Co announced that its claims and risk management subsidiary, Gallagher Bassett, has acquired W K Webster & Co Ltd, a firm specializing in marine and transit claims management. The terms of the transaction were not disclosed.
W K Webster provides claims management services to insurers and self-insured corporations worldwide. Headquartered in London, the firm has offices in Singapore, the United States, and the Netherlands.
As part of the transition, Anthony Smith (pictured above) and the W K Webster team will join Gallagher Bassett and report to Manan Sagar, who leads Gallagher Bassett’s operations in Europe, the Middle East, and Asia.
J. Patrick Gallagher, Jr., chairman and CEO of Arthur J. Gallagher & Co., said W K Webster’s expertise in marine and transit claims strengthens Gallagher Bassett’s specialty capabilities.
"As a leader in marine and transit claims services, W K Webster brings longstanding market expertise and expands Gallagher Bassett's specialty capabilities globally," he said. "I am excited to welcome Anthony and his team to our growing Gallagher family of professionals."
The acquisition follows the firm’s recent financial reports, with Gallagher revealing continued revenue growth across its brokerage and risk management segments.
For the fourth quarter, total company revenues reached $2.68 billion, up from $2.39 billion in the same period in 2023. Net earnings for the quarter were $258.2 million, compared to a net loss of $39.6 million in the prior-year quarter. Adjusted net earnings totaled $491.2 million, an increase from $402.4 million in Q4 2023.
The brokerage segment reported revenues of $2.3 billion for the quarter, up from $2.05 billion in the previous year. Net earnings for the segment rose to $317.3 million, compared to $24.8 million in Q4 2023.
Adjusted net earnings stood at $531.3 million, up from $439.6 million a year earlier. The brokerage segment’s adjusted EBITDAC also increased to $760.3 million, from $641.4 million in Q4 2023.
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