Arthur J Gallagher completes sale of Compass
Arthur J Gallagher has completed the sale of its UK broker network business, Compass, in a mutually agreed management buyout for an undisclosed sum.
As part of the deal, the Compass business transfers into a wholly independent ownership, having previously become part of Arthur J Gallagher following the acquisition of the Giles Group in November 2013.
Since 2013 Compass has significantly expanded, with gross written premium controlled by its members increasing 65 percent to more than £660 million.
Grahame Chilton, chief executive officer of Arthur J Gallagher, said: “We are pleased to announce the successful sale of Compass, having been wholly supportive of its management team’s desire to undertake an MBO and achieve full independence for the network business.
“We believe the transfer to independent ownership is in the best interests of both parties and no new owner could be better positioned or equipped to take the business forward than its existing, experienced management team.
“Compass is a great business with strong leadership, innovative ideas and big ambitions. We wish John and the team all the very best for continued success.”
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