(As reported in http://www.insurance-business-review.com)
Arthur J Gallagher International, a global insurance broker has
entered into an agreement with two subsidiaries of insurance
intermediary firm, Oxygen Holdings. The insurance broker said, Oxygen has agreed to release the executives from their restrictive covenants with immediate effect. With
21 staff members, the team specialise in sectors such as construction,
power and mining, professional indemnity, management risks, binders and
facilities.
Gallagher said that clients will experience an
uninterrupted service and will continue to be supported by the same
specialists who have looked after them at Oxygen and also benefit from
the resources and opportunities a larger organisation can provide.
Arthur
J Gallagher International CEO David Ross said this agreement represents
the culmination of lengthy discussions and builds on the already
excellent trading relationship originated by the sale to Gallagher of
Oxygen's underwriting business in September 2008. "The move is a
natural extension of this relationship and will complement and enhance
Gallagher's existing capabilities," Ross said.
The terms of the transaction are not disclosed.
Published by: IBR Staff Writer 08 August 2011
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