The parent group of locally managed insurance broker, Rossborough, has been acquired by a leading global broker, giving Rossborough clients access to specialist insurance teams around the world.
The Giles Group, which acquired Rossborough in December 2010, has been bought by Arthur J Gallagher & Co for £233m.
Rossborough Insurance Group managing director, Clive De La Cour, said the acquisition is an exciting development for Rossborough, which has offices in the Isle of Man, Jersey and Guernsey, and for the company’s clients.
He said: ‘This is a fantastic piece of news for us and for our clients as Rossborough will now be part of one of the largest insurance broking groups in the world.
‘Arthur J Gallagher & Co has a very strong London market presence, which means we will now be able to provide our clients with coverage for highly complex risks in more than 110 countries, while still providing a professional, local service.
‘Arthur J Gallagher & Co recognises both the heritage and dominant position Rossborough has in the islands and we will therefore remain locally managed at board level and regulated by our local regulators.
‘This acquisition will provide benefits for all of our customers, be they corporate clients, private clients or personal lines customers.’
The deal, heralded as transformational, radically expands Arthur J Gallagher & Co’s UK geographic footprint, significantly diversifies its underwriting expertise and creates fresh new distribution channels.
Gallagher International chief executive officer David Ross said: ‘While it feels great to have completed our largest ever deal here in the UK, the hard work really starts now.
‘We will work tirelessly to bring the various divisions of the two businesses together and the successful integration of Giles within Arthur J. Gallagher will be our number one priority.’