Arthur J. Gallagher completes Noraxis acquisition

Arthur J. Gallagher completed its acquisition of Noraxis Capital Corp. Wednesday, in a deal it says has made it a top five insurance broker in Canada.

 “Bringing together Gallagher’s existing Canadian broking operations with those of Noraxis will create a strong platform and extensive regional spread for future national growth,” the firm said in a statement.

Background: Arthur J. Gallagher signs agreement to acquire broker network Noraxis

“It also creates the opportunity to develop a high-end specialty business in Canada through the effective deployment of existing Gallagher strengths in energy, construction and mining as well as wider London-based specialty expertise and capabilities.”

With a strong focus on commercial lines, Noraxis is a full service brokerage operating across Alberta, Manitoba, New Brunswick, Nova Scotia and Ontario from 26 offices, employing more than 650 people.

“The deal simultaneously establishes Gallagher as a major player in the Canadian employee benefits business, complementing existing operations in Calgary and Ottawa, with a similarly strong platform for growth, and substantially widens its geographic personal lines footprint,” the firm’s statement also says.

“It also sees Gallagher expand into new specialist niche areas in Canada, such as real estate and condominiums, while building out existing expertise in strongly complementary areas such as professional indemnity and financial lines.”