Gallagher has extended its investment in Canada and strengthened its focus on building national industry practices with the acquisition of specialist commercial insurance broker Palmer Atlantic. Terms of the transaction were not disclosed.
Based in Hartland, New Brunswick, Palmer Atlantic has been serving clients across the Atlantic region with tailored risk management and commercial insurance solutions for more than 40 years. Founded in 1976, it has a well-established specialism in long-haul transportation and logistics, as a leading trucking insurance specialist in Atlantic Canada, while continuing to serve a wide range of industries and clients.
Phillip Gaunce, Atlantic region President and Chief Operating Officer for Gallagher in Canada, said: "Palmer Atlantic is a fantastic fit with our strategic vision of building national industry practices with a best-in-class risk-managed approach, alongside continued geographic diversification. Having identified long-haul transportation as a priority market segment, Palmer Atlantic was the natural choice as our latest partner. Their industry reputation and depth of technical knowledge are well-known and we look forward to working with Joe and his team to grow the business."
Joe Palmer, President & CEO of Palmer Atlantic, said: "We're proud to have built a company with such a strong transportation focus and commitment to providing our clients with all the tools they need to both protect and grow their businesses. Becoming part of Gallagher - with its extensive footprint across Canada, the whole of North America and global reach - will enable us to tap into a greater depth of resources and breadth of insurers, creating even more choice for our customers."
Commenting on the acquisition, Stephen Bryant, National President for Gallagher in Canada, added: "We're delighted to welcome the Palmer Atlantic team to Gallagher. The deal builds on our proven strategy in Canada of partnering with entrepreneurial brokers that are best in geography or niche to facilitate profitable growth across the regions in which we operate."
