10 February 2015 Insurance

AJG International head departs to lead Towergate

David Ross, the head of Arthur J Gallagher International, has left the company to become chief executive officer (CEO) of Towergate.

In addition, Ross will become CEO of Highbridge Principal Strategies’ (HPS) newly formed portfolio company, Sierra Investments. Sierra is the vehicle through which HPS will invest in Towergate Group.

Following an agreement, majority ownership of Towergate will transfer to the senior unsecured creditors, including funds or accounts managed or advised by Highbridge Principal Strategies, KKR Credit Advisors (US) and Sankaty Advisors. Highbridge will be the largest investor.

Tom Gallagher, currently chairman AJG International, will step into the role of interim CEO in the short term and recruitment is underway to appoint a permanent CEO.

J Patrick Gallagher, chairman, president and CEO of AJG, said: "David has been with the business for 25 years.  We are sorry to see him go and wish him success in the future. Our company's international business has grown into a strong team of 6,500 employees that is a significant, successful and strategic part of our global operations. We have an experienced group of leaders who will continue to drive the international business forward and remain committed to our people and our customers."

Scot French, partner, HPS said: “I am thrilled David is joining the HPS team. We have strategic plans to build a leading insurance intermediary and Towergate provides a formidable platform. We are excited by the prospect of working together with the current Towergate team. The deal announced on Friday provides long-term stability and liquidity for the business. The expertise, vision and the financial backing are now present to make a significant impact on the business.”

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