Gallagher expands in Indonesia, Singapore with IBS stakes
Broker Arthur J Gallagher has acquired a 40 percent equity stake in Indonesian insurance broker and risk management services provider PT IBS Insurance Broking Service, as well as 100 percent of reinsurance broker IBS Re Singapore.
Established in 1975 as the first licensed insurance broker in Indonesia, Jakarta-based PT IBS Insurance Broking Service has revenues of over $10 million. It offers integrated risk services and insurance solutions for major corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers across Indonesia, with a focus on specific industry sectors such as real estate; banking and finance; forestry and agriculture; marine; manufacturing; energy; construction; plants and equipment; and motor.
"IBS Group has been a key participant in Gallagher's strategic broker partner network, Gallagher Global Alliance, for more than 15 years," said J Patrick Gallagher, Jr., chairman, president and CEO. "This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities."
Vyvienne Wade, CEO of Gallagher's overseas division, added: "Many of IBS Group's strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship. We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher."
Swandi Kendy, IBS Group CEO/president director, commented: "We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business. This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities."
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