Arthur J. Gallagher & Co. has announced the acquisition of Santiago-based THB Chile as part of the company's ongoing expansion of its international brokerage operations. Financial terms were not disclosed.
THB Chile is a network retail insurance broker that offers property/casualty coverage, life and health benefits, and reinsurance services across Chile. Members of the acquisition team will report to Lionel Soffia, who oversees Gallagher's retail insurance and reinsurance brokerage operations throughout Chile and Latin America.
"THB Chile brings deep market expertise and a complementary book of business, representing a significant expansion of our retail and reinsurance brokerage operations in Chile," said J. Patrick GallagherJr., chairman and CEO of Gallagher.
This new acquisition is part of Gallagher's aggressive move to spur the growth of its specialty brokerages and complement its existing operations. In a similar move two weeks ago, Gallagher acquired the Oklahoma-based Scout Benefits Group and California-based Statewide Commercial Insurance Brokers.
Scout Benefits Group provides employee benefits consulting focused on designing health plan strategies for clients in Oklahoma. Statewide Commercial Insurance Brokers (also American Matar International) is a retail property and casualty agency that serves clients in the construction contractors sector. It is based in Altadena, Calif., with operations nationwide.
Gallagher’s growing portfolio includes recent acquisitions of Washington-based Adept Benefits, Filos Agency in New York, Australian business Via Financial Group, and Redington Ltd in the UK.
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