Broker Arthur J Gallagher UK has completed the takeover of Lloyd’s reinsurance broker FirstCity Partnership.

The UK subsidiary of the US broker has announced an agreement to “acquire substantially all of the reinsurance broking business of FirstCity Partnership”.

The deal will see the FirstCity team join Arthur Gallagher operations in both the UK and US.

It will result in a combined operation that places the brokerages among the top London market brokers by revenue.

“This is part of our development strategy to become a major force in financial and professional lines broking,” Arthur J Gallagher UK CEO David Ross said.