Gallagher aims to strengthen its position in the aviation market after formally taking ownership of JLT’s global aerospace broking portfolio.

The broker this month completed the £190 million ($345 million) acquisition, which includes operations in Australia and New Zealand.

The JLT portfolio last year achieved a pre-tax profit of £12 million ($21.8 million) on revenue of £65 million ($118 million).

Gallagher has been expanding in the sector, adding independent aviation insurance and reinsurance broker Boston Marks to its London-based operations last year.

“The addition of JLT’s global aerospace operations to our existing aviation team propels Gallagher into a market leadership position within an industry that has seen huge growth over the past 20 years,” Gallagher UK Broking and Underwriting Business CEO Simon Matson said.

“The way the aviation sector, along with other industries, thinks about risk is evolving. It is no longer simply about the detection and containment of risk, but rather applying strategic risk management practices to drive growth and face all future eventualities with confidence.

“We now look forward to playing a greater role as a global partner to the aviation industry.”

The acquisition expands Gallagher’s aerospace operation to include specialist presence and offices in the UK, continental Europe, North America, Asia-Pacific and Latin America.

The business will now offer products and services covering the entire industry such as airlines, aerospace manufacturers and infrastructure, general aviation and space.