Arthur J. Gallagher & Co.’s reinsurance division, Gallagher Re, has acquired Toronto, Ontario-based MGB Re (MGB).
MGB is a provider of reinsurance solutions to health maintenance organisations, managing general underwriters and insurance companies in the U.S. medical sector.
According to Gallagher, the MGB leadership team of Andrew Barth, Jacqueline Greer and Thomas McGrath will now operate under the direction of Jim Fallon, Gallagher Re’s Eastern Region Manager in North America and Rob Fast, Life, Accident and Health Segment Leader in North America.
J. Patrick Gallagher, Jr., Chairman and CEO, commented, “MGB’s strong client relationships and expertise will accelerate the growth of our medical reinsurance business and broaden our service offerings. I am very pleased to welcome Andrew, Jacqueline and Thomas to our growing, global team.”
Gallagher has picked up from where it left off in 2023 on the acquisitions front, having also recently acquired Köberich Financial Lines, based in Cologne, Germany.
In Q3 2023 alone, the firm completed 12 new mergers with approximately $57 million of estimated annualised revenue.
