Arthur J. Gallagher & Co. expands reinsurance division with MGB Re acquisition
Arthur J. Gallagher & Co., a prominent global insurance brokerage, risk management, and consulting services firm, today announced the acquisition of Toronto, Ontario-based MGB Re (MGB). While the terms of the transaction were not disclosed, this acquisition signifies a strategic expansion for Gallagher Re, the reinsurance division of Arthur J. Gallagher & Co.
Expanding Medical Reinsurance Services
MGB, known for providing reinsurance solutions to health maintenance organizations (HMOs), managing general underwriters (MGUs), and insurance companies, specializes in the U.S. medical sector. The integration of MGB into Gallagher Re is expected to accelerate the growth of their medical reinsurance business and broaden their service offerings.
Leadership and Direction Post-Acquisition
Post-acquisition, the MGB leadership team, including Andrew Barth, Jacqueline Greer, and Thomas McGrath, will 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. This alignment underlines the commitment to leveraging MGB’s expertise and strong client relationships in enhancing Gallagher Re’s market position.
Gallagher Re Enhances Medical Reinsurance Services by Acquiring MGB Re
A Message from the CEO
J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co., expressed his enthusiasm for the acquisition. He noted, “MGB’s strong client relationships and expertise will accelerate the growth of our medical reinsurance business and broaden our service offerings.” He welcomed Andrew, Jacqueline, and Thomas to the global team, emphasizing the value they bring to the company.
Arthur J. Gallagher & Co.: A Global Leader
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. (NYSE: AJG) is a global leader in insurance brokerage, risk management, and consulting services. The firm operates in approximately 130 countries, utilizing both owned operations and a network of correspondent brokers and consultants. This acquisition of MGB Re further strengthens its global presence and enhances its service capabilities in the medical reinsurance sector.
In summary, the acquisition of MGB Re by Arthur J. Gallagher & Co. marks a significant step in expanding its reinsurance services, specifically in the medical sector. The move is poised to enrich their service offerings and reinforce their position as a leading global insurance and risk management firm.