Terms weren't disclosed, but Gallagher said InterPacific is a managing general agency offering specialized insurance products through insurance broker clients in Australia. Roy Ellis, Chris Harnett and their InterPacific associates will join Australis Group (Underwriting) Pty Ltd, a wholly-owned subsidiary of Arthur J. Gallagher Australasia Holdings Pty Ltd. They will report directly to Julian Sparkes, Chief Executive Officer of Arthur J. Gallagher Australasia Holdings.
"The addition of InterPacific is significant to the growth of our Australis underwriting agency," said CEO J. Patrick Gallagher. "Given the limited product overlap between these two agencies, this acquisition will complement our existing client capabilities as well as expand our client base. We are extremely pleased to welcome Roy, Chris and their team to our growing Gallagher family of professionals."
On Tuesday, Gallagher rose 4 cents to $29.46.