Arthur J. Gallagher & Co. acquired a 60% stake in Caribbean insurance broker Risk Management Services Ltd.

Terms of the deal were not disclosed.

Risk Management's Christian Low and his team will continue to operate from their current location under the direction of Matthew Pragnell, group CEO of Gallagher in the Caribbean.

The acquired entity offers property and casualty and employee benefits products and services to entities in the manufacturing, oil and energy, and service industries.