Arthur J. Gallagher Acquires Germany’s Reck & Co.
Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-based insurance brokerage, a
nnounced its claims and risk management solutions subsidiary, Gallagher Bassett, has acquired Bremen, Germany-based Reck & Co GmbH.
Terms of the transaction, which was announced on Feb. 2, were not disclosed.
Reck & Co. is a specialist provider of global transport and marine claims services including surveying, claim handling, recovery and loss prevention. The Reck & C
o. team, led by Franz Kasten and Marc Friedrich, will remain in their current location under the direction of Manan Sagar, head of Gallagher Bassett’s Europe, Middle East and Asia operations.
“Reck & Co. has a deep reputation in the global marine insurance market and will expand
Gallagher Bassett’s claims service offerings in Europe,” said J. Patrick Gallagher Jr., chairman and CEO. “I am excited to welcome Franz, Marc and their associates to our growing, global team.”
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Howden Buys Polygon Insurance Brokers Ltd. in Channel Islands
Howden, the global insurance intermediary group, announced the acquisition of Polygon Insurance Brokers Ltd. (PIBL), a retail insurance broker based in the Channel Islands.
Howden said the acquisition strengthens its ability to service clients in Jersey and Guernsey. Financial details of the transaction, which was announced on Jan. 28, were not disclosed.
PIBL, previously known as Vantage Insurance Brokers, provides insurance solutions ta
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ilored to the offshore financial services sector, high net worth individuals, family offices and trust companies operating in Jersey and Guernsey, with specialisms in professional indemnity and financial institutions insurance, D&O and cyber liability products.
“The acquisition of PIBL strengthens our ability to service the full spectrum of clients in Jersey and Guernsey, from corporates to high-net-worth individuals,” comme
nted Martin Ellis, managing director and global practice leader for Professional Services, in a statement.
“By combining PIBL’s strong local relationships and client service with Howden’s specialist expertise and global capabilities, we’re creating even stronger outcomes f
or clients by expanding the breadth of solutions and market access available to them to meet their evolving needs,” Ellis added.
“By joining Howden, with its growing presence in the Channel Islands alongside its global network, PIBL will be better positioned to provide enhanced solutions and capa
bilities to clients,” said Henry Mowbray, managing director of PIBL.
The acquisition of PIBL follows Howden’s recent purchase of Guernsey-based ARM Holdings, a specialist in the formation and management of insurance captives, and is another step in its strategy to grow its business in the Channel Islands for the benefit of clients.
The transaction is subject to regulatory approvals.