US firm buys established Kiwi advice firm

NYSE-listed global insurance giant Arthur J. Gallagher has expanded its New Zealand holdings with the acquisition of local financial advisory company First Capital.

The terms of the deal have not been disclosed. In a market announcement, the global firm welcomed First Capital into its global team.

"First Capital has a client-focused culture like our own and offers an excellent opportunity to expand our benefits consulting capabilities in the region," says J. Patrick Gallagher, Jr., Chairman and CEO.

The agreement sees Hugh Percy, who has been the managing director of First Capital since founding the company in 2002 and his team, come under the direction of Graham Campbell, who heads Gallagher's employee benefits and HR consulting operations in Australia and New Zealand.

The deal is AJG’s second acquisition in New Zealand this year, after the global giant bought RMA General Limited (RMA) and its related insurance broking businesses in March.

The company is based in Rolling Meadows, Illinois and offers services in 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.