Gallagher Bassett, the claims handling subsidiary of major US broker Arthur J Gallagher & Co, has acquired London-headquartered WK Webster & Co for undisclosed consideration.
WKW, as it is known internally, was established in 1861 and is predominantly a third-party administrator. Essentially it provides marine and transit claims management services to insurers and self-insured corporations globally.
Arguably the best-known name in the niche, the firm has offices in Singapore, the United States and the Netherlands in addition to its London office.
The WKW team, led by Anthony Smith, will join Gallagher Bassett under the direction of Manan Sagar, head of Gallagher Bassett’s Europe, Middle East and Asia operations.
“As a leader in marine and transit claims services, W K Webster brings long-standing market expertise and expands Gallagher Bassett’s specialty capabilities globally,” said Gallagher chief executive, J Patrick Gallagher Jr.
Recent financial reports from Gallagher – best known among European marine insurers for its marine broking activities – have shown consistent growth, particularly in the brokerage and risk management segments.
This article first appeared in Lloyd’s List, a sister publication of Insurance Day
