Arthur J. Gallagher & Co. acquires Prasidium Credit Insurance to bolster trade credit offerings in Australia
Arthur J. Gallagher & Co., the esteemed global insurance brokerage, risk management, and consulting services firm, has officially announced the acquisition of Prasidium Credit Insurance, a specialist trade credit insurance broker based in Australia. Although the terms of the transaction were not disclosed, this move is seen as a strategic enhancement of Arthur J. Gallagher & Co.’s trade credit capabilities within the Australian market.
Prasidium Credit Insurance is renowned for its specialist services in trade credit insurance, catering to a wide client base across Australia. The firm’s key personnel, including Mark Smith, Stuart Prendergast, Mark Browning, and Paul Daniele, along with their team, will be integrated into Arthur J. Gallagher & Co.’s operations throughout Australia. They will be operating under the leadership of Sarah Lyons, who heads the retail property/casualty brokerage operations for Arthur J. Gallagher & Co. in Australia and Asia.
J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co., expressed his enthusiasm about the acquisition, stating: “Prasidium has a strong record of growth and will enhance our trade credit capabilities in Australia. I am very pleased to welcome the Prasidium team to our growing, global company.” This acquisition is expected to fortify Arthur J. Gallagher & Co.’s market presence in Australia and expand its portfolio of specialty insurance solutions.
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. operates globally, offering its extensive services in approximately 130 countries. The firm is publicly traded on the New York Stock Exchange under the ticker symbol NYSE:AJG. Its global operations include a network of owned operations along with a series of correspondent brokers and consultants, making it one of the leading firms in the industry.
The acquisition of Prasidium Credit Insurance by Arthur J. Gallagher & Co. reflects a calculated move to deepen its service offerings in the trade credit insurance sector, particularly within the dynamic Australian market. This strategic expansion is likely to yield significant benefits for Arthur J. Gallagher & Co., enhancing its competitive edge and operational capabilities in the region.