NU Online News Service, July 30, 12:25 p.m. EDT
Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. said today that it has acquired the remaining 60 percent equity interest in Specialised Broking Associates (SBA) Pty Ltd, headquartered in Perth, Australia. Financial terms of the transaction were not released.
AJG acquired a 40 percent equity interest in SBA in 2008 with the option to increase its ownership to 100 percent.
Founded in 2003, SBA provides risk management and commercial property and casualty insurance services to its Australian and international clients. The firm specializes in mining, energy, construction and corporate industries.
Bill Grierson, executive chairman of SBA, and his associates will continue to operate from their current location under the name SBA Gallagher. They will be part of Arthur J. Gallagher Australasia Holdings Pty Ltd (AJGA) led by Andrew Godden, a former principal of SBA, who was recently appointed as AJGA's chief executive officer.
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