Arthur J. Gallagher & Co. has signed an agreement to acquire Noraxis Capital Corporation.
Upon completion of the transaction, Gallagher will hold approximately 87 percent of the equity interests in Noraxis.
The remaining 13 percent will continue to be owned by various management employees of Noraxis. The transaction is subject to regulatory approval and is expected to close in July of 2014.
Noraxis is a top-five Canadian insurance broker that provides retail commercial, personal and employee benefits insurance products and services.
“In Noraxis, we have found our ideal Canadian partner and together we now have a solid platform for organic growth and a leadership team that will continue to attract new merger partners,” said David Ross, CEO of Arthur J. Gallagher International.
“By joining with Gallagher, Noraxis will be able to leverage our sales and service capabilities across Canada. In particular, our combined expertise in areas such as energy, construction and mining align well with the growth opportunities in the Canadian market.”
Ken Keenan, Noraxis Group President, commented: “From our earliest engagement, there has been genuine excitement right across our team at the prospect of joining Gallagher.”
“As a business built by acquiring brokers known to be the best in their geography and niche, we share an obvious client-first service ethos and entrepreneurial culture with Gallagher.”
