Arthur J. Gallagher acquires Wesfarmers Insurance Brokerage operations Arthur J. Gallagher announced that it has signed an agreement to acquire the Wesfarmers Insurance Brokerage operations. The transaction, which includes the OAMPS businesses in Australia and the United Kingdom, Crombie Lockwood in New Zealand and the associated premium funding operations, is subject to regulatory approval and is expected to close during the second or third quarter. The Wesfarmers Insurance Brokerage operations generated A$331.1M n revenue in the year ended June 30, 2013 and have approximately 1,700 employees operating out of more than 50 offices across Australia, New Zealand and the U.K.
Arthur J. Gallagher upgraded to Buy from Neutral at Citigroup Citigroup upgraded Arthur J. Gallagher to Buy and other names in the Property and Casualty Insurance space saying the loss trend environment may remain muted through 2016. Citi raised its price target for shares to $55 from $50.