* Acquisition to bring in further 20 mln stg
* Group looks to Oslo, Singapore, China for further growth
LONDON, March 29 Global reinsurance broker
Arthur J Gallagher International (AJG.N) has acquired part of
FirstCity Partnership Limited's reinsurance broking business and
is eyeing more buys this year as part of an expansion drive, its
chief executive said.
Arthur J Gallagher UK (AJG UK) has acquired the assets of
UK-based FirstCity's financial and professional lines business
after expanding into the energy insurance sector, corporate
client risk management and the Managing General Agent space.
David Ross, chief executive of AJG UK, told Reuters late on
Friday that the acquisition would bring in a further 20 million
pounds ($29.7 million) in brokerage and expects a substantial
uptick in top and bottom lines on the back of the transaction.
The insurance brokerage industry helps commercial clients
find insurance coverage for a wide range of risks.
Ross said AJG International would look to build on its
existing lines of business through further acquisitions and
expansion in 2010.
"In the energy space, Oslo is of interest and for our
emerging business and property cases, we will look to Singapore
and China," he said.
FirstCity's financial and professional lines business will
be merged into a new AJG UK division, which is expected to
handle around 500 million pounds in premiums through 90
FirstCity had been close to selling to other participants in
the market, but progress has been plagued by the broker's legacy
issues on its balance sheet, including pension deficient
(Editing by Simon Jessop)