Arthur J. Gallagher buys insurance broker in New Zealand
Insurance broker Reid Manson, situated in the central district of New Zealand’s South Island, has been acquired by the New Zealand subsidiary of Arthur J. Gallagher & Co, Crombie Lockwood. The deal will see Reid Manson keep its team in place, with direction coming from Carl O'Shea, CEO of Crombie Lockwood. The value of the deal has not been disclosed.
Reid Manson was founded in Timaru, New Zealand, in 1985, and has since expanded to include a further office location in Ashburton. The company has grown into a prominent insurance broker in the Central South Island, providing comprehensive insurance for the Marine, Aviation, Rural and Livestock industries. Reid Manson provides services to cover a wide range of commercial businesses’ risk management, including identifying major areas of risk, negotiating insurance contracts, making sure polices are up to date with changing market conditions, and reminding companies when their polices are up for renewal.
Earlier this month, Reid Manson unveiled that it has been acquired by Crombie Lockwood, New Zealand’s member firm of Arthur J. Gallagher & Co., an international insurance broker giant with more than 20,000 employees globally, making it the third largest player in its market*. Crombie Lockwood started as a two person insurance firm in 1978 in Napier, New Zealand. Since its founding the firm has expanded its operations through organic growth, but also a wide range of acquisitions. The growth saw the company expand its operation into 24 cities across New Zealand, making it one of the largest insurance broker in the country.
The deal – terms and conditions have not been disclosed – sees Reid Manson become part of Crombie Lockwood, with the full team (9 employees led by David Reid) set to transfer and keep their current roles, under the direction of Carl O'Shea, CEO of Crombie Lockwood. The addition of Reid Manson’s offices in Timaru and Ashburton gives Crombie Lockwood a total of nine South Island locations.
“Reid Manson is a perfect example of a successful, client-focused team with a culture that will fit well within our Crombie Lockwood operation,” says J. Patrick Gallagher Junior, Chairman and CEO. “Their strong client relationships are a tribute to their high-level of quality service, and their depth of experience and specific geographic locations will further complement our solid New Zealand presence. We are pleased to welcome David and his colleagues to our growing Gallagher family of professionals.”
O'Shea says he is “delighted” with the move, stating: “The South Island has always been important to us. We have a well-established business base here and the inclusion of David Reid’s team and their operations enhances this position.” Reid adds: “It really is a win-win situation; our clients will continue to deal with the same people but with many more resources at their disposal.”
* Arthur J. Gallagher & Co. acquired Crombie Lockwood in 2014.
