Arthur J. Gallagher, Jiang Tai to set up Shanghai insurance venture
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Arthur J. Gallagher, the London-based international broking division of Arthur J. Gallagher & Co., on Monday said it has reached a joint venture agreement with Jiang Tai Insurance Broker Co. Ltd. to set up a Shanghai-based operation.
The deal gives Arthur J. Gallagher entry into the Chinese market.
Gallagher will take a 24.9% stake in the joint venture. It will trade as Jiang Tai Re in an expected first-half 2015 launch, and focus on reinsurance and speciality lines, Gallagher said in a statement.
Frank Lu, president of Jiang Tai, will lead a team of 25.
“Our international expansion strategy is to introduce Gallagher's expertise and capabilities into stable and emerging economies — and the opportunity rarely gets larger or more rapidly emerging than China,” Vyvienne Wade, international commercial director at Arthur J. Gallagher, said in the statement.
Terms of the deal were not disclosed.
Arthur J. Gallagher & Co. is the world's fourth-largest insurance brokerage, according to Business Insurance's latest ranking.
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