As it looks to ramp up its global programmes practice offering, Gallagher Re has revealed a swoop for London market binder broker Bay Risk.
In an emailed Press release announcing the deal for the independent Lloyd’s broker, a member of the Optio Group, it was noted that Bay Risk enjoys an eight-strong team with around $210 million in GWP. No sum was made public for the acquisition.
Now, Bay Risk will become part of Gallagher Re’s global programmes practice, which is led by Andrew Moss and boasts around $6 billion GWP.
Bay Risk serves needs for MGAs, niche programme managers, carriers and Lloyd’s coverholders that want alternative distribution channels. It deals with a host of specialty insurance classes, such as energy, subcontractor default, professional indemnity, nuclear, marine and more.
It is led by joint managing directors Robin Barker-Hahlo and Andrew Smallshaw. According to Optio Group executive chairman Matthew Fosh, the companies will continue to work closely.
“We are delighted to have reached agreement with Gallagher Re and the Bay team to deliver what is an excellent outcome for all three parties,” he said. “Not only will Bay flourish under the wing of a global broker with the scale and reach of Gallagher, but Optio will continue to work closely with Bay within the expanded Gallagher group, while independently focusing exclusively on what it does best: being a specialty MGA run by underwriters.”
Meanwhile, Tom Wakefield, UK CEO of Gallagher Re, noted that the London market team make up an integral part of the company’s offering.
“We are therefore delighted that the team at Bay Risk has chosen to join with us, here in London, to deepen our delegated authority specialism and further enhance the quality and breadth of support and services we can offer clients,” he said. “We know that Andrew, Robin and their colleagues will be a great fit with our team and look forward to welcoming them into the Gallagher family.”
