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Arthur J. Gallagher acquires UK-based commercial insurance broker

Gallagher, the brand name of Arthur J. Gallagher & Co., acquired Southampton, U.K.-based Portmore Insurance Brokers Ltd. and Portmore Insurance Brokers (Wiltshire) Ltd.

Financial terms of the deal were not disclosed.

The transaction sees the companies' team of about 40 staff become part of Gallagher's retail branch network in the U.K.

The companies, founded in 2006, serve as a midmarket-focused commercial insurance broker offering services for a variety of industries, comprising private- and public-sector businesses.