ITASCA, Ill., March 21, 2016 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced that it has reached agreement with Kane Group to acquire its insurance management operations ("KIM"). This acquisition is expected to close on or about March 31, 2016 and is subject to certain closing conditions. Other terms were not disclosed.
With a history that dates back to 1984, KIM is a global insurance management company specializing in the formation and management of insurance and alternative risk solutions with expertise in the healthcare, insurance, financial services, transportation and construction industries. It provides Insurance-Linked Security and structured transaction administration (ILS) that supports catastrophe bonds, sidecars, collateralized reinsurance and similar structures. Robert Eastham, Linda Haddleton, Ann West and their associates will continue to operate from their locations in Bermuda, Cayman, Guernsey, and in the states of South Carolina and Vermont under the direction of David McManus, head of Artex Risk Solutions, Inc., Gallagher's Bermuda-based captive management and alternative risk programs operation.
"KIM is highly regarded for its industry-leading expertise in the ILS market and its emphasis on quality customer service," said J. Patrick Gallagher, Jr., Arthur J. Gallagher & Co.'s Chairman, President and CEO. "KIM's specialized products add to Artex's client capabilities, and its team will expand Artex's presence, particularly in Bermuda and Cayman. This group will be a wonderful complement to Artex Risk Solutions as it continues to add innovative client products and extend its international footprint. We are extremely pleased to welcome Rob, Linda, Ann and their colleagues to our growing family of risk management professionals."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 31 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
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SOURCE Arthur J. Gallagher & Co.