The owner of a Bermudian-based alternative risk management specialist business has agreed a $13.45 billion deal to buy a US insurance broker.

Arthur J Gallagher & Co, which owns Artex Risk Solutions Inc, has bought AssuredPartners.

The transaction is subject to customary regulatory approvals and is expected to close during the first quarter of 2025.

“We have held in high regard the fast-growing AssuredPartners franchise since its founding in 2011,“ said J. Patrick Gallagher Jr, the chairman and chief executive.

Randy Larsen, the chief executive of AssuredPartners added: "This marks a significant milestone in AssuredPartners’ journey, showcasing the outstanding business we’ve built and strong growth we’ve experienced in just over a decade.

“With Gallagher, we bring together not only unparalleled global resources and expert insights but also a team of exceptional employees whose expertise and dedication have been the driving force behind our success. I am excited for our future together.”

• More details can be foundhere