Arthur J. Gallagher & Co. (AJG) said that it has acquired a 40% equity stake in Indonesian insurance broker and risk management services provider PT IBS Insurance Broking Service, as well as 100% of reinsurance broker, IBS Re Singapore. Other terms of the transaction were not disclosed.
Established in 1975 as the first licensed insurance broker in Indonesia, Jakarta-based PT IBS Insurance Broking Service is now one of the country’s most respected independent brokers, with revenues of over $10 million. It offers integrated risk services and insurance solutions for major corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers across Indonesia, with a focus on specific industry sectors such as real estate; banking and finance; forestry and agriculture; marine; manufacturing; energy; construction; plants and equipment; and motor.
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