Gallagher buys QBE’s placement service for brokers
Arthur J Gallagher’s underwriting agency company Pen Underwriting has acquired QBE Placement Services (QPS).
Originally part of the Concord Group of underwriting agencies – which was purchased by QBE in 2006 – QPS is a specialist in London market binder contracts and facultative placements, offering smaller brokers in particular access to the Lloyd’s and specialist markets.
The QPS book of business includes portfolios in general liability, leisure liability, professional risks and niche property risks.
While QBE will continue to be the underwriter for the portfolio, the management of binders previously underwritten by QPS will now be undertaken by Pen Underwriting.
Financial details of the acquisition have not been revealed.
Underwriters Kevin Thomas, George Vincent and Sue Calderwood will join Pen Underwriting in Melbourne.
“QPS represents a strong strategic fit with our existing underwriting business, building on our already strong capability in leisure liability and niche non-standard property while also extending our reach in professional risks and general liability,” Pen Underwriting CEO Paul Lynam said.
He says the deal “strengthens our long-term partner relationship with QBE, with whom we’re keen to explore further opportunities for growth in the future”.
More details in our regular bulletin on Monday.