Arthur J. Gallagher & Co., a global insurance brokerage, has announced the acquisition of Australia-based Prasidium Credit Insurance.
The move signifies the company’s strategic move to strengthen its presence and offerings in the Australian trade credit insurance market. By bringing Prasidium’s expertise and client base into its fold, Gallagher aims to expand its reach and deliver enhanced services to clients seeking trade credit insurance solutions.
The acquisition aims to enhance Gallagher’s trade credit capabilities in the Australian market by utilising Prasidium’s expertise. The terms of the transaction were not disclosed.
Speaking on the news, J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co. stated, “Prasidium has a strong record of growth and will enhance our trade credit capabilities in Australia. I am very pleased to welcome the Prasidium team to our growing, global company.”
The move is the latest made by the firm aimed at bolstering its insurance offering. Late last year, the company completed a deal to purchase Cadence Bank’s insurance arm for $904m.
The acquisition enabled the bank to to redirect capital into bolstering its core banking business and fulfilling strategic initiatives in the short and long term.
Commenting on the acquisition, Dan Rollins, chairman & CEO of Cadence Bank, said, “The completion of this transaction is a testament to the significant value of the insurance business. Over the past 24 years, we have enjoyed a strong partnership with Cadence Insurance, and we applaud their leadership and the entire team for their many contributions and commitment to serving their clients and communities.”
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