Gallagher acquires remaining shares in Philippine (re)insurance broker Philinsure

By Chris Munro

March 12 - (The Insurer) - Arthur J Gallagher has strengthened its foothold in the Asian market with the acquisition of the remaining shares in Philippines-based Philpacific Insurance Brokers & Managers, Inc that it did not already own.

The acquired company, which does business as Philinsure, is a commercial insurance and reinsurance broker that serves clients across the Philippines.

Terms of the transaction were not disclosed.

Philinsure’s headquarters are in Cebu City, and the business has other offices in greater Manila and Davao City.

Following the deal’s completion, Gordon “Dondi” Joseph and his team will remain in their current locations under the direction of Sarah Lyons, Gallagher’s head of retail property/casualty brokerage operations in Australia and Asia.

"With a strong record of growth and a culture like our own, Philinsure provides a fantastic opportunity to expand our retail brokerage capabilities in Asia," said Pat Gallagher, Gallagher’s chairman and CEO.