US insurer Arthur J Gallagher & Co has today purchased an 85 per cent interest in a Swedish speciality insurance broker Brim.
The value of the deal was not disclosed by the companies.
"For many years, we have had a successful correspondent trading relationship with Brim, during which time we developed strong working relationships with their team," said J. Patrick Gallagher, Jr., chairman, president and chief executive of Arthur J Gallagher. "Taking this next step allows us to partner with an outstanding group that has extensive experience in their particular markets, adds their expertise to the long list of capabilities we will be able to offer our international customers, and broadens our Scandinavian presence."
Brim, which turns over roughly $11m (£8.5m) a year, will now be under the ultimate direction of Grahame Chilton, head of Gallagher's international brokerage operations in London, but the company's associates will remain in Stockholm.
Shares in Arthur J Gallagher, which is listed in New York, are trading up 0.6 per cent at $47.81 at time of writing.
Arthur J Gallagher has been on a bit of a shopping spree as late. Last month, it acquired Wisconsin-based consultant and broker Buchholz Planning Corporation.