Arthur J.
Gallagher, the international arm of Arthur J.
Gallagher & Co., announced today that it has purchased retail broker Christie-Phoenix (Victoria) Ltd. and its affiliate Discovery Insurance Services Ltd. for an undisclosed sum.
Both Christie-Phoenix and Discovery are based in Victoria, British Columbia.
Christie-Phoenix was founded over 40 years ago, and specializes in residential, commercial and marine coverage, as well as small business insurance products. Managing partner Chris Flint and all associates will remain in their current offices, but must now report to Ken Keenan, CEO of Arthur J. Gallagher Canada Ltd.
Discovery has operated for over 20 years and its offerings include such personal lines as home, condo, tenant, auto and life insurance.
Arthur J. Gallagher leadership expressed optimism for its strategy-driven entrance into the British Columbia market.
"Christie Phoenix and Discovery are just the type of client-focused new merger partners we hoped to attract when we created our platform for growth in Canada," J. Patrick Gallagher, Jr., chairman, president and CEO, said in a statement. "Their strong carrier relationships, highly regarded niche expertise and geographic presence in British Columbia will be an excellent complement to our Canadian operations."
Last year, Arthur J. Gallagher made headlines when it purchased Noraxis Capital Corporation for $422 million, providing the insurance brokerage and risk management firm with eight established businesses in more than 25 offices throughout the country.
At the time, Gallagher said he hoped to capitalize upon future M&A opportunities to fuel Arthur J. Gallagher’s growth in Canada.
"By adding Canada to our recent expansion in Australia, New Zealand and the U.K., we are now well positioned in those countries to replicate our successful acquisition strategy of partnering with smaller, family-owned, and entrepreneurial agents and brokers," he said. "In each of the countries, we believe there will continue to be a wave of consolidation opportunities like we are seeing in the United States.”
