Gallagher acquisition opens up aviation
Gallagher has entered the local aviation market with the acquisition of key parts of the Boston Marks Insurance Group.
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, private aircraft, maintenance and ground handling liability, and drones.
Its Australian network under Australia CEO Damian Hooper also covers southeast Asia and the Pacific.
The acquisition comprises a retail brokerage in Australia and New Zealand, and wholesale operations in the UK and US.
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 has “fantastic people and is a strong global player in the specialist aviation insurance market”.
Established in 1987 in Auckland, Boston Marks moved into the Australian market in 2010 after 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, and the industries that support aviation through our broader specialism offering”.