SBA partner with Gallagher
Perth-based financial services firm Specialised Broking Associates (SBA) has entered a landmark partnership with the world’s fourth largest insurance broking brand, Arthur J. Gallagher & Co.
The deal will see Gallagher take a significant minority stake in SBA. The entity will be named SBA Gallagher and will maintain an independent presence in the local Australian market.
Gallagher’s Australian chairman Peter Searson said the strategic alliance was the first step towards building the group’s Australian business.
“This is an opportunity for us to promote the Gallagher brand across Australia through the network and resources of SBA, helping to grow our retail presence and make real inroads in the local market,” he said.
According to Searson, given that both firms operate in similar markets, including the energy, construction and resources industries, the alliance would fuel the growth of both firms.
SBA executive chairman Bill Grierson said the alliance would create a unique offering, particularly in the local Perth market.
“The unique positioning that SBA Gallagher brings to the market will be ‘boutique international’,” he said.
“SBA has grown at a rapid pace since 2003 and we view the partnership with Gallagher as our major second stage to further that growth.”
Grierson said with the financial services market changing rapidly around the world, “smaller firms partnering with major internationals will lead the way as a market trend over the next few years”.
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