Gallagher has announced that it intends to acquire UK regional commercial insurance broker Risk Services (NW) for an undisclosed consideration.
Established in 1999, Risk Services is one of the largest independent insurance brokers in Chester, North Wales, and the surrounding area, and delivers cost-effective solutions to both corporate and commercial clients.
Risk Services and its team will now be incorporated into the North-West region of Gallagher’s UK Retail branch network, which currently serves customers from more than 50 locations.
The business will continue to be led by founder Steve Lowe, who will focus on client relationships and business development, while current Risk Services Director Tom Penn will also become Head of Office in Chester as part of the agreement.
Michael Rea, Gallagher’s Chief Executive Officer (CEO) of UK Retail, commented: “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.
“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.”
Lowe added: “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. 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.”