ITASCA -- Arthur J. Gallagher & Co. Friday announced that it has partnered with Grupo Canadian Press to acquire a 56 percent equity interest in JAO & Partners, located in Lima, Peru, which has annualized revenues of approximately $4 million. Other terms of the transaction were not disclosed.
Formed in 2009, JAO & Partners primarily places property & casualty and financial institution risk products to its predominately Peruvian clients. They specialize in the energy, mining and construction industries. Jose Antonio Osterling and his associates will continue to operate from their current Lima location under the ultimate direction of Vyvienne Wade, head of Gallagher's international commercial operations based in London.
"We continue to expand our international sales and service capabilities by building relationships with strong international brokers that we can develop into solid strategic partners," said J. Patrick Gallagher, Jr., chairman, president and CEO. "JAO & Partners h as an outstanding reputation for its client-focused, innovative and specialized team. They are a great cultural match for our organization, and their expertise will help broaden our international presence in Latin America. We are pleased to partner with Jose Antonio and his associates."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, now has operations in 25 countries and offers client service capabilities in more than 140 countries around the world through a network of correspondent brokers and consultants.