JLT sells global aerospace operations to Gallagher ahead of Marsh takeover
Broker Arthur J Gallagher is acquiring the global aerospace operations of Jardine Lloyd Thompson Group (JLT).
The agreement includes the acquisition of all assets within JLT’s global aerospace retail and wholesale insurance broking division, which comprises operations in the UK, US, Canada, Australia, New Zealand and 10 other countries spanning Europe, Latin America and Asia.
It also includes the assets of Hayward Aviation, a UK insurance broker that specializes in aviation for high-net worth individuals and smaller airlines.
Nearly 250 employees from JLT’s global aerospace division will join Gallagher as part of the deal. This includes around 100 employees within JLT’s London Market operations who will become part of Gallagher’s existing aviation division.
The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by Marsh & McLennan Companies.
“The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,” said J Patrick Gallagher, Jr., chairman, president and CEO.
“The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring," Gallagher added.
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