Global broker Arthur J. Gallagher & Co has expanded its reinsurance division by acquiring Toronto-based MGB Re.
MGB Re caters to health maintenance organizations (HMOs), managing general underwriters (MGUs), and insurance companies in the US medical sector. Its leadership team comprises Andrew Barth, Jacqueline Greer, and Thomas McGrath, who have a combined 85 years of experience in the industry.
Following the acquisition, the MGB team will begin operating under the direction of Jim Fallon, Gallagher Re’s Eastern Region manager in North America, and Rob Fast, who serves as life, accident, and health segment leader in North America.
Chairman and CEO J. Patrick Gallagher, Jr. spoke of the firm’s swoop for MGB in a statement.
“MGB’s strong client relationships and expertise will accelerate the growth of our medical reinsurance business and broaden our service offerings,” he said. “I am very pleased to welcome Andrew, Jacqueline and Thomas to our growing, global team.”
Gallagher is headquartered in Illinois and operates across 130 countries worldwide. Its presence in Canada was recently expanded through the acquisition of A.H. Horn and Associates Limited in August.
Horn provides sales and leadership development programs and consulting services, according to a previous release. Like MGB, it is located in Toronto, Ontario.
Last week, Gallagher Re grew its Latin America and Caribbean team with the addition of Virgil Antonio de Souza as head of the surety and credit practice throughout the region.
Other recent developments within Gallagher Re include the release of its report for the January 1 renewal period.
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