Arthur J. Gallagher & Co has acquired 100 percent of reinsurance broker IBS Re Singapore as well as taking a 40 percent stake in Indonesian broker PT IBS Insurance Broking Service.
Based in Jakarta, PT IBS Insurance Broking Service has revenues of over $10mn and targets major corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers across Indonesia.
It focuses on offering solutions in real estate, banking and finance, forestry and agriculture, marine, manufacturing, energy, construction, plants and equipment, and motor.
“IBS Group has been a key participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for more than 15 years,” said J. Patrick Gallagher, chairman, president and CEO of Arthur J. Gallagher.
He continued: “This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities,”
Vyvienne Wade, CEO of Gallagher’s overseas division, also commented: “Many of IBS Group’s strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship. We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher.”
“We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business,” added Swandi Kendy, IBS Group CEO/ president director.
“This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities.”
The announcement follows Gallagher’s recent acquisition of two California-based property and casualty (P&C) brokers, Buckman-Mitchell, Inc. and R.T. Beers & Company Insurance Services, Inc.