Gallagher says specialist lines are a priority for the business and further acquisitions could follow the Milne Alexander deal.

As previously reported by insuranceNEWS.com.au, Gallagher is delighted with the “significant” acquisition of Milne Alexander, which it calls “one of the last independent heritage Sydney insurance brokers”.

MD Specialisms Paul Harvey says specialist lines are “absolutely” a focus, and conversations are taking place “with a number of parties”.

“Milne Alexander is a well-respected brand that has had 40 years of growth and a specialised approach that offers some skill sets that are new to Gallagher,” he said.

“It operates in a number of niche markets and adds incredible strength to what we do.”

Milne Alexander was formed in 1973. It was a non-equity member of Steadfast and one of the founding Steadfast members.

It has 20 specialist insurance and risk advisers across two locations in Sydney and SA, and a diverse portfolio of SME, mid-market and corporate clients with specialist capability in transport, manufacturing, aquaculture and Australian ski resorts.

Mr Harvey says the business will trade as Milne Alexander for now, but in future it will be merged with Gallagher and the Sydney offices will be combined.

Darren Milne, the son of founder John Milne, told insuranceNEWS.com.au the deal creates “tremendous opportunity” for growth.

“There are certain clients that will only deal with a global broker. It’s the right fit and we are budgeting for growth going forward.”

Mr Harvey says Gallagher will give Milne Alexander “the capacity to reach into the global market”.