Arthur J. Gallagher& Co. today announced that it has purchased a minority stake in Malaysian broker SP&G Insurance Brokers Sdn Bhd ("SP&G"). Terms of the transaction were not disclosed.
SP&G is a multi-discipline commercial insurance broker specializing in coverages for the aviation market, as well as offering clients additional expertise and insurance solutions for property & casualty, marine, engineering and other risks. Founded in 1974, SP&G was purchased in its entirety by its current CEO, Dato' Zakaria Meranun, in early 2014. Based in Kuala Lumpur with an office in Johor Bahru, SP&G today is one of the leading insurance brokers in Malaysia, with revenues exceeding $6 million (US) in 2018.
"SP&G presents an exciting opportunity to expand Gallagher's commercial insurance footprint in Asia and further extend our client reach in the global aviation sector. This is in keeping with our growth strategy of investing in great businesses that deepen our capabilities and expand our geographic presence," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are very pleased to partner with SP&G, and extend a warm welcome to Zak and his associates as they join our growing global team."