- Arthur J. Gallagher & Co. (NYSE:AJG) subsidiary Pen Underwriting has acquired U.K.-based Tay River Holdings Ltd and its specialist managing general agent related companies. Deal terms were not disclosed.
- London-based Tay specializes in providing coverages for marine liability, ports and terminals liability, marine war risks, and kidnap and ransom to its independent broker clients. It recently expanded into maritime professional indemnity, freight and logistics insurance, and brown water hull.
- The business will become part of Pen Underwriting, and Paul Hartley will continue to lead the team.
- Arthur J. Gallagher held cash and equivalents of ~$5 billion as of Dec. 31, 2022.
- “Tay’s strong reputation for specialist underwriting, client excellence and diversified distribution will enhance Pen’s international capabilities,” said J. Patrick Gallagher, Jr., Chairman, President and CEO.
- AJG also has completed the previously disclosed acquisition of the partnership interests of BCHR Holdings, L.P., dba Buck.
- Price Action: AJG shares closed higher by 0.86% at $191.31 on Friday.
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