Insurance Business magazine sought the expert opinion of Elliott Insurance’s John Elliott following Arthur J Gallagher’s acquisition of Wesfarmers’ broking and premium funding businesses.
Wesfarmers’ broking divisions have been bought out by Arthur J Gallagher, an American based Insurance brokerage and risk management firm. The deal is reported to be worth in excess of $1B and has sent shockwaves throughout the industry.
Wesfarmers is the Australian company best known for owning brands including Coles and Bunnings, but for many years has operated an insurance broking arm throughout Australia and the UK called OAMPS and Crombie Lockwood in New Zealand as well as their insurance underwriters, Lumley Insurance.
The deal is subject to regulatory approval but should be finalised by September of 2014.
Read the full article including John’s interview at Insurance Business magazine.