Today, Gallagher announced it will acquire Bircroft Insurance, the London-based commercial insurance broker.
It is hoped that the acquisition will further develop Gallagher’s real estate efforts which support UK clients such as property owners and investors, managing agents, resident managing companies and property developers.
Bircroft currently specialises in supporting the real estate sector, both on a wholesale and retail basis, and also supports private clients who wish to protect their homes and valuables.
The business was established over 15 years ago as part of the Dawnay Day Group.
As it stands, it has a team of 10 colleagues and is led by Ian Lee and Simon Bird.
Lee, Bird and their team will continue in their roles as Bircroft becomes a part of Gallagher’s real estate practice within its UK & Ireland Retail division.
This will be led by Gallagher’s regional managing director, Jon Phillips.
Commenting on the acquisition, Phillips said: “I am delighted to welcome Bircroft to Gallagher, having known both Ian and Simon for many years. The business has a fantastic team that has in-depth understanding of the risks facing clients in the real estate sector. We already have one of the UK’s largest teams operating in real estate and the products and knowledge offered by Ian, Simon and the team at Bircroft are highly complementary to our current offering and becoming part of Gallagher will provide them with a springboard for expansion.”
Bircroft also shared enthusiasm towards the acquisition.
Speaking on the appeal of Gallagher, Bircroft’s Lee said: “Gallagher is well known for having brilliant relationships with clients and a big part of why we were attracted to Gallagher as a result of its client centric culture. We are incredibly excited about this new chapter in our journey and I am very much looking forward to becoming part of the Gallagher team.”
Lee added that the acquisition is representative of a shared initiative: “Joining Gallagher is great news for our business, colleagues and clients. Our two businesses are well aligned and share established capabilities in the real estate sector.”
Last month, Arthur J. Gallagher & Co. announced that it had made an agreement to acquire Woodruff Sawyer, a San Francisco-based insurance brokerage firm for $1.2 billion (approx. £0.93 billion).
This acquisition is also partly representative of Gallagher’s drive to increase its presence in the property sector.
At the end of last year, AJG also announced the acquisition of AssuredPartners, an insurance broker specialising in the middle-market sector.
