Arthur J. Gallagher & Co. to Buy Canadian Insurance Broker Noraxis
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According to a release, upon completion of the transaction, Gallagher will hold approximately 87 percent of the equity interests in Noraxis. The remaining 13 percent will continue to be owned by various management employees of Noraxis. The transaction is subject to regulatory approval and is expected to close in July of 2014.
Noraxis is a Canadian insurance broker that provides retail commercial, personal and employee benefits insurance products and services.
"In Noraxis, we have found our ideal Canadian partner and together we now have a solid platform for organic growth and a leadership team that will continue to attract new merger partners," said
"By adding
Benefits of the Noraxis acquisition are expected to include:
Establishing Gallagher as a top-five retail broker in
Providing a significant Canadian platform for future growth;
Combining two similar entrepreneurial sales cultures;
Sharing a client focus that is primarily middle-market;
Complementing and expanding specialized niche practice groups and capabilities;
Providing opportunities to establish new MGA capabilities;
Combining strong production talent that builds on Gallagher's successful sales team platform;
Providing cross-selling opportunities;
Driving longer-term operational efficiencies through a consolidated platform;
Establishing Gallagher as a major player in the Canadian employee benefits business; and
Providing Gallagher's existing Canadian employee benefits businesses with a strong growth platform.
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