ITASCA, Ill., July 6, 2016 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced it has acquired an 85% interest in Brim AB (Brim), located in Stockholm, Sweden. Brim's annualized revenues total approximately $11 million. Other terms of the transaction were not disclosed.
Founded in 2001, Brim is a specialty insurance and reinsurance broker that provides commercial property/casualty, credit/political risk and affinity insurance products and services to its Scandinavian and international clients. Its credit and political risk practice provides financing support for major infrastructure projects while its construction practice supports residential and commercial building development. Rikard Öijermark, Fredrik Enderlein and their associates will continue to operate from their current location under the ultimate direction of Grahame Chilton, head of Gallagher's international brokerage operations based in London.
"Brim's operations are highly regarded and well respected in the International insurance market. For many years, we have had a successful correspondent trading relationship with Brim, during which time we developed strong working relationships with their team," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Taking this next step allows us to partner with an outstanding group that has extensive experience in their particular markets, adds their expertise to the long list of capabilities we will be able to offer our international customers, and broadens our Scandinavian presence. We are extremely pleased to welcome Rikard, Freddy and their colleagues to our growing Gallagher family of professionals."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 33 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
SOURCE Arthur J. Gallagher & Co.