Gallagher buys South Coast-based regional insurance broker Portmore
Gallagher has announced the acquisition of Portmore Insurance Brokers Limited and Portmore Insurance Brokers (Wiltshire) Limited (“Portmore”) in the UK.
Based in Southampton, Portmore was established in 2006 as a mid-market focused commercial insurance broker offering tailored insurance programmes for a wide range of industry sectors, encompassing both private and public sector businesses. Since then, its founders and joint Managing Directors — Graham Jacobs and Paul Chapman — have expanded the business significantly through consistently strong annual organic growth.
Portmore and its c.40-team of insurance professionals will become part of Gallagher’s Retail branch network, which serves its customers from more than 50 locations around the UK.
Commenting on the deal, Michael Rea, CEO of UK Retail for Gallagher, said: “It’s fantastic to welcome the team from Portmore into the Gallagher family today — their business is an excellent fit for our strategy in the UK. They are exactly the right type of well-run, commercially led, growing regional broker we’re looking for to further strengthen and complement our existing UK branch network. Together with our existing operations in Southampton and Chichester, Portmore will help Gallagher become the pre-eminent commercial broker on the South Coast.”
Graham Jacobs added: “Becoming part of a locally-focused but globally-backed insurance broker and risk management services firm enables us to take our business to the next level of expansion, as we look to develop and deliver ever more specialised and bespoke solutions for our clients. As a partner, Gallagher offers a great blend of complementary expertise, scale and geographic spread, while at the same time sharing our client-focused values of service excellence, professional integrity and teamwork. We’re excited for what the future holds.”