ROLLING MEADOWS, Ill., April 3, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that its specialist underwriting subsidiary Pen Underwriting has acquired UK-based Tay River Holdings Ltd ("Tay") and its specialist managing general agent (MGA) related companies. Terms of the transaction were not disclosed.
Based in the City of London, Tay specializes in providing coverages for marine liability, ports & terminals liability, marine war risks and kidnap & ransom through its independent broker clients. More recently, it has expanded into maritime professional indemnity, freight and logistics insurance, as well as brown water hull. The business will become part of Pen Underwriting, and Paul Hartley will continue to lead the team.
"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. "We are delighted to welcome Paul and his colleagues to our growing, global team."
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
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SOURCE Arthur J. Gallagher & Co.
