Brisbane-based SRS Underwriting, the largest independent Lloyd’s underwriting agency in Australia, has been acquired by global intermediary Arthur J Gallagher & Co.

SRS owner Paul Lynam, who founded the company in Brisbane 19 years ago, will become CEO of Gallagher’s underwriting operation in Australia, reporting to John Hastings-Bass, the Chairman of AJG International’s OIM underwriting group.

Terms of the transaction were not disclosed.

SRS has offices in Brisbane, Sydney and Melbourne and provides a wide spread of products, including liability, construction, prestige home, professional risks, motor and accident and health cover.

Mr Hastings-Bass says that SRS is “a leading Australian coverholder in terms of breadth of market presence, both from a geographical and a product perspective”.

“They have substantial capacity, skilled underwriters, a professional management team and excellent relationships with recognised leading syndicates at Lloyd’s,” he said. “Our support of SRS complements the AJG International growth strategy by expanding both our existing footprint in the local market and underpinning our wider presence and penetration into the Asia-Pacific region.”

Mr Lynam says the acquisition by Arthur J Gallagher will allow SRS “to continue to invest in our growth strategy, through increasing our depth and reach and enhancing our offering to clients”.

“We are delighted to have the support of one of the world’s largest insurance intermediaries and risk management services firms.”

More details in our regular bulletin on Monday.