Arthur J. Gallagher has agreed to acquire JLT’s global aerospace operations.
The agreement consists of the acquisition of all assets within JLT's global aerospace retail and wholesale insurance broking division, which includes operations in the UK, US, Canada, Australia, New Zealand and 10 other countries across Europe, Latin America and Asia.
Also included in the agreement is the assets of Hayward Aviation, a UK insurance broker that specialises in aviation for high-net worth individuals and smaller airlines.
An estimated 250 employees from JLT’s global aerospace division will join Gallagher as part of the agreement, including around 100 employees within JLT’s London Market operations who will become part of Gallagher’s existing aviation division.
Subject to European Commission approval the acquisition is expected to close this spring in connection with the closing of the JLT purchase by Marsh & McLennan Companies.
Commenting on the acquisition, J Patrick Gallagher, Jr., chairman, president and CEO said: “The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,”
Adding: “The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring."