Global insurance group Gallagher has snapped up a Teesside firm as part of moves to build its regional presence.
The New York Stock Exchange listed firm, which has its head office in Illinois, has swooped for Stockton based Erimus Group Limited in an undisclosed deal. Gallagher said that as a result of the deal, its combined operations create one of the largest insurance brokers in the North East.
Founded in 1986, Erimus is a retail insurance broker with a large regional commercial client base, with around 2,500 clients. The Bowesfield Park based firm employs around 40 people, and the acquisition of Erimus adds further quality and scale to Gallagher’s operations in the North East, building on its existing presence on Newcastle Quayside where it also has around 40 employees supporting local and national businesses with risk management needs.
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The firm said the combined operations will provide local businesses with expertise in risk management and insurance including commercial combined, business interruption, commercial property, cyber and employers’ liability insurance.
Paul Davison, group CEO, and Lee Elgie, managing director, will stay in their current roles at Erimus and will continue to be supported by the existing team from the office in Teesside.
Elliot Miller, regional managing director of Gallagher for Scotland and the North East, said: “We are delighted to welcome the Erimus team to Gallagher. This business is a great fit with us and we are delighted to further invest in our presence in the North East. The region is a hub of major investment and there are extensive growth opportunities for businesses based here.
“We are committed to being at the heart of the communities we serve as this means we can develop a deep understanding of the risks and challenges that our clients face, and we can provide unrivalled products and solutions to help them manage risk. I am confident that our combined teams, under the leadership of Frank Firth in Newcastle and Paul Davison in Teesside, will offer businesses in the North East an unbeatable mixture of insurance expertise and local knowledge.”
Mr Davison of Erimus added: “We are very pleased to join forces with Gallagher and become part of one of the UK’s largest insurance brokers with ambitious growth aspirations in the North East. This development is great news for clients as they will retain the personal service they are used to from the team that they know, and can additionally take advantage of Gallagher’s scale, product and service offering. It is also really positive news for our colleagues who will benefit from the increased opportunities of being part of a large global firm committed to having a local presence in communities across the UK.”
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