Arthur J. Gallagher & Co., has announced its acquisition of specialist trade credit insurance broker Prasidium Credit Insurance (Prasidium).
Following the acquisition, Prasidium’s Mark Smith, Stuart Prendergast, Mark Browning, Paul Daniele as well as their team will be joining Gallagher’s offices in Australia. They will be led by Sarah Lyons, Gallagher’s head of retail property/casualty brokerage operations in Australia and Asia.
“I am very pleased to welcome the Prasidium team to our growing, global company,” said Gallagher chairman and CEO J. Patrick Gallagher, Jr.
He added that Prasidium’s growth record would be beneficial in enhancing Gallagher’s trade credit business in Australia.
Similar to its previous expansions, the terms of the acquisition were not disclosed to the public.
Gallagher has been expanding its business through acquisitions in the past few months. Its move for Prasidium followed the firm acquiring businesses such as Florida-based Specialty Risk Management Services and Private Client Insurance Services.
Other expansion moves by the firm in recent months include its acquisition of Virginia-based retail agency Shelton & Alderson Insurance agency, Connecticut-based Ericson Insurance Services LLC, and Iowa-based Horak Insurance.
In Q4 2023, Gallagher reported revenue of $2,051.5 million, which was a notable increase from the $1,704.3 million recorded at the same time in the previous year. Meanwhile, its net earnings were only $24.8 million, which was a decrease from the $143.3 million recorded in the same period in 2022.
The company also completed 14 new mergers during the quarter with estimated annualized revenues of $410 million.
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