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Arthur J. Gallagher acquires minority stake in Malaysian broker

Arthur J. Gallagher & Co. acquired a minority stake in Malaysian broker SP&G Insurance Brokers Sdn Bhd.

Terms of the transaction were not disclosed.

The acquisition is part of Gallagher's strategy to expand its commercial insurance footprint in Asia and extend its reach in the global aviation sector.

SP&G provides coverage for the aviation market, as well as property and casualty, marine, engineering and other risks. It booked more than $6 million of revenue in 2018.