Gallagher moves into aviation brokerage
Gallagher has acquired “significant elements” of the Boston Marks Insurance Group, giving it specialist aviation capability in the local market.
The acquisition comprises a retail brokerage in Australia and New Zealand, and wholesale operations in the UK and US.
Boston Marks has a diverse client portfolio ranging from regional airlines and corporate jet operators to aero medical operators, tourism, flying training, aerial agriculture, firefighting, mustering, privately owned aircraft, aircraft maintenance and ground handling liability, and drones.
Its Australian network under Australia CEO Damian Hooper also covers southeast Asia and the Pacific.
A Gallagher spokesman declined to disclose the acquisition value, but told insuranceNEWS.com.au the transaction involves nine employees in Australia and 14 in New Zealand.
Gallagher MD Australia and New Zealand Steve Lockwood says Boston Marks “have fantastic people and are a strong global player in the specialist aviation insurance market”.
Established in 1987 in Auckland, Boston Marks moved into the Australian market in 2010 following the amalgamation of two independent aviation specialists in Queensland and WA.
Gallagher MD Specialisms Paul Harvey says the acquisition “positions us well to support the growth of corporate and private aviation operators in the region, as well as the industries that support aviation through our broader specialism offering”.
“The ability to bring international breadth and depth of expertise in this space is a significant value-add for clients.”