Gallagher Re acquires Lloyd’s broker Bay Risk Services
Arthur J. Gallagher & Co., through its reinsurance unit Gallagher Re, has acquired the business and assets of Bay Risk Services, based in the UK, for an undisclosed price.
Established as a London-based Lloyd’s broker in 2016, Bay Risk Services was a member of the Optio Group, a specialty line-focused managing general agent (MGA) and an insurance brokerage firm.
Bay Risk Services is said to specialize in structuring and arranging contracts of delegated underwriting authority. The Lloyd’s broker caters to the requirements of niche program directors as well as MGAs, Lloyd’s coverholders and carriers looking for alternatives to distribution channels across different classes.
The business of Bay Risk Services will be integrated into the global programs practice at Gallagher Re and the former’s team will continue to be headed by the duo of Andrew Smallshaw and Robin Barker-Hahlo.
J. Patrick Gallagher, Jr. — Arthur J. Gallagher & Co. Chairman, President, and CEO said: “Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice.
“It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team.”