Gallagher has formally taken ownership of JLT’s global aerospace broking portfolio, including operations in Australia and New Zealand.

The move further entrenches the US broker’s presence in a sector that is enjoying rapid growth.

Last year Gallagher added independent aviation insurance and reinsurance broker Boston Marks to its London-based operations.

The £190 million ($345 million) deal with JLT was completed on Saturday, nearly three months after it was first announced. The acquisition includes UK insurance broker Hayward Aviation, which caters to the high net worth individuals and smaller airlines segment.

Last year the JLT arm achieved a pre-tax profit of around £12 million ($21.8 million) on revenues of £65 million ($118 million).

Gallagher says the purchase transforms its aviation business into one of the largest aviation brokers globally.

“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.

Gallagher’s expanded aerospace operations will now have specialist presence and offices in the UK, continental Europe, North America, Asia-Pacific and Latin America.

The business now offers products and services covering the entire industry including airlines, aerospace manufacturers and infrastructure, general aviation and space.

JLT’s 250-strong global aerospace team and client base will transfer to Gallagher as part of the deal. The London market operations, Hayward Aviation and the teams in India, the US and Singapore will transition immediately.