Arthur J. Gallagher has announced that it has acquired a 40 per cent equity stake in Indonesian insurance broker and risk management services provider PT IBS Insurance Broking Service, as well as 100 per cent of reinsurance broker, IBS Re Singapore.
Established in 1975 as the first licensed insurance broker in Indonesia, Jakarta-based PT IBS Insurance Broking Service is now one of the country’s most respected independent brokers, with revenues of over $10 million.
“IBS Group has been a key participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for more than 15 years,” said J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co. “This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities.”
“Many of IBS Group’s strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship. We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher,” added Vyvienne Wade, CEO of Gallagher’s overseas division.
“We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business,” said Swandi Kendy, IBS Group CEO/President Director. “This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities.”