O’Connors advises Risk Services (NW) on sale to Gallagher
Gallagher has announed the acquisition of Chester-based commercial insurance broker Risk Services (NW) Limited, further expanding its presence as a community broker with global reach in the North-West of England and North Wales. Terms of the transaction were not disclosed.
Gallagher will welcome Risk Services and its 20-strong team of insurance professionals into the North-West region of its UK-wide branch network which together serves customers from more than 50 locations across England, Wales, Scotland and Northern Ireland.
Risk Services was established in 1999 by Managing Director Steve Lowe to deliver tailor-made, cost-effective solutions for corporate and commercial clients. Since then the business has grown organically and through acquisition to become one of the largest independent insurance brokers in Chester, North Wales and the surrounding area. Steve Lowe will continue in the business focusing on client relationships and business development and Director Tom Penn will step up to the role of Head of Office in Chester.
Commenting on the deal, Stephen Penketh, Regional Managing Director for Gallagher, said: “Being a community broker first and foremost, Gallagher is always looking for like-minded, entrepreneurial, quality local businesses that will strengthen our UK footprint and further improve our on-the-ground service for clients. Bringing Steve, Tom and their team into the Gallagher family extends our presence and reinforces our commitment to the North-West and North Wales. We’re delighted to welcome them all.
” Steve Lowe said: “I am enormously proud of the business we have built over the last 19 years so it was important to choose the right partner to take it to the next level. We wanted a partner that would share our values and offer security to our clients, while providing access to an even greater array of technical expertise, buying power and specialist capabilities. Gallagher is one of the largest insurance and risk management companies in the world yet it still holds true to the family values and client-first culture on which it was founded, making it the ideal fit.”
O’Connors advised the shareholders of Risk Services (NW) Limited on the transaction.