ROLLING MEADOWS, Ill., Dec. 2, 2018 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that it has acquired a 40% equity stake in Indonesian insurance broker and risk management services provider PT IBS Insurance Broking Service, as well as 100% of reinsurance broker, IBS Re Singapore. Other terms of the transaction were not disclosed.
Established in 1975 as the first licensed insurance broker in Indonesia, Jakarta-based PT IBS Insurance Broking Service is now one of the country's most respected independent brokers, with revenues of over $10 million. It offers integrated risk services and insurance solutions for major corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers across Indonesia, with a focus on specific industry sectors such as real estate; banking and finance; forestry and agriculture; marine; manufacturing; energy; construction; plants and equipment; and motor.
"IBS Group has been a key participant in Gallagher's strategic broker partner network, Gallagher Global Alliance, for more than 15 years," said J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co. "This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities."
"Many of IBS Group's strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship. We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher," added Vyvienne Wade, CEO of Gallagher's overseas division.
"We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business," said Swandi Kendy, IBS Group CEO/President Director. "This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 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.