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updated: 4/4/2014 10:12 AM

Gallagher acquires New Zealand-based agency

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Itasca-based Arthur J. Gallagher & Co. has acquired Mike Henry Insurance Brokers Limited headquartered in Auckland, New Zealand.

Terms of the transaction were not disclosed.

MHIB has annualized revenues of approximately $4.5 million and 30 staff operating from its offices in Auckland and Christchurch.

Founded in 1983, MHIB is an insurance broker and risk management services firm that provides retail property/casualty insurance, employee benefits products and services and affinity schemes for its middle-market commercial clients in New Zealand. They also specialize in coverage for the transportation and freight, jewelry, travel, marine, hotel and hospitality industries as well as the public sector. Graham Henry and his associates will continue to operate under the direction of Andrew Godden, head of Gallagher's Australasia brokerage business.

"As a three-year member of Gallagher Global Alliance, MHIB is an example of how our global correspondent broker alliance strategy can help expand strong working relationships into future partners," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "This is our first brokerage presence in New Zealand. MHIB's culture and strong niche expertise are aligned with our growth strategy, and it will be an excellent complement to our Asia Pacific operations. We are pleased to welcome Graham and his colleagues to our growing Gallagher family of professionals."

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