Arthur J. Gallagher & Co. today announced that its reinsurance division Gallagher Re has acquired the business and assets of UK-based Bay Risk Services Limited (“Bay Risk”), a member of the Optio Group. Terms of the transaction were not disclosed.
Founded in 2016 as a London-based, independent Lloyd’s broker, Bay Risk specializes in structuring and placing contracts of delegated underwriting authority. It serves the needs of niche program managers, managing general agents (MGAs), Lloyd’s coverholders and carriers seeking alternative distribution channels across a variety of classes. The business will become part of the global programs practice of Gallagher Re and the team will continue to be led by Andrew Smallshaw and Robin Barker-Hahlo.
“Bay Risk is a highly regarded specialist binder broker that will be a fantastic addition to Gallagher Re and the expanding global programs practice,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “It shares our focus on client excellence and brings a complementary book of delegated underwriting authority business. We are delighted to welcome Andrew, Robin and their colleagues to our growing global team.”
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.