Global insurance brokerage Arthur J. Gallagher & Co. has announced the completion of its acquisition of Jardine Lloyd Thompson Group plc’s (JLT) global aerospace operations.
The transaction, which was first announced in March 2019, is expected to significantly expand Gallagher’s existing aerospace team.
The broker’s global aerospace operations now includes offices in the UK, Continental Europe, North America, Latin America and Asia-Pacific.
The newly strengthened team will offer products and services to clients across the entire aerospace industry, including airlines, aerospace manufacturers and infrastructure, general aviation and space.
This includes Hayward Aviation, which will expand its core strength in servicing clients in the UK and Continental Europe to provide global reach as part of Gallagher.
The 250-strong global aerospace team and its client base will transfer into Gallagher as part of the asset purchase agreement.
JLT’s London market operations, Hayward Aviation and the teams in India, US and Singapore will transition immediately, Gallagher explained, while the remaining countries will move as part of a phased approach in line with local regulations.
“The addition of JLT’s global aerospace operations to our existing aviation team propels Gallagher into a market leadership position within an industry that has seen huge growth over the past 20 years,” said Simon Matson, CEO of Gallagher’s UK Broking and Underwriting business.
“The way the aviation sector, along with other industries, thinks about risk is evolving. It is no longer simply about the detection and containment of risk but rather applying strategic risk management practices to drive growth and face all future eventualities with confidence,” he continued.
“Over the past decade we have invested in attracting and retaining specialist expertise across all industries to ensure we truly understand the risks associated with the clients and sectors that we serve,” Matson explained. “We now look forward to playing a greater role as a global partner to the aviation industry.”
Peter Elson, the newly appointed CEO of Gallagher Aerospace, also commented: “Gallagher is the perfect home for our clients and for our people. The team is excited to be joining forces with a broker-led, specialist risk advisory firm that has earned a strong reputation for helping organisations to successfully navigate the increasingly complex risks they face.”
“We look forward to being part of the Gallagher family and building on our existing momentum as the go-to insurance broking partner within the aviation world,” he added.