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AJG Acquires Ace IRM Insurance Broking Group To Expand Presence In Australia

AJG recently acquired Ace IRM Insurance Broking Group to expand its presence in Australia. Terms of the deal remained undisclosed.
   
Beenleigh, Queensland-based Ace IRM Insurance is a retail insurance brokerage company that was established in 1981. The company caters to its clients in Australia by providing commercial and personal lines broking services. Ace IRM Insurance is an expert in providing insurance coverage for strata management and veterinary services. It offers its services to the commercial, industrial and hotel/hospitality industries. Ace IRM Insurance boasts solid presence in the key growth areas of south Brisbane and hence, the acquisition is a strategic fit for Arthur J. Gallagher. We expect the buyout to help the acquirer to emerge as a market leader in Queensland and subsequently leverage its presence in Australia.

Arthur J. Gallagher remains focused on strategic acquisitions that strengthen as well as add capabilities to its portfolio. The company’s impressive growth is driven by organic sales, acquisition and mergers. Buyouts not only widen the company’s geographical footprint but also enhance its portfolio of services. Furthermore, such deals strengthen its position in retail and wholesale insurance brokerage services and risk management industries.

This marks the 10th buyout by the company in 2017. Notably, Arthur J. Gallagher has already surpassed year-ago quarter count, wherein the insurance broker had closed eight acquisitions with annualized revenues of $30.0 million.

Shares of Arthur J. Gallagher have gained 9.60% year to date, outperforming the Zacks categorized Insurance Broker industry’s 5.74% increase.

Insurers often opt for strategic buyouts to drive growth. No wonder mergers and acquisitions dominate the space. This quarter, Assurant, Inc. AIZ inked a deal to buy Green Tree Insurance Agency, Inc. from Walter Investment Management Corp. WAC to strengthen its capabilities in the housing market. On the other hand, Brown and Brown Inc. BRO announced that its unit has acquired the commercial MGA operations of Insurance House.

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