Gallagher Re targets South Africa with latest acquisition

Reinsurance broker Gallagher Re is set to acquire Johannesburg-based re/insurance intermediary Resilea.

Resilea CEO Iain Macindoe will become chairman, South Africa of Gallagher Re with his managing director, Mathew Macindoe, becoming regional director and CEO of South African business. 

As the largest independent reinsurance broker in South Africa, the Resilea team will bring an increased level of scale and strength to Gallagher Re and its clients, the brokerage said.

The reinsurance broker has already had a busy year on the M&A front. 

In May, it acquired Nongxin Insurance, marking a strategic move into China. And in September, it bought Steadfast Re, a move which strengthened its position in the Australia market as well as across the wider Asia-Pacific region.

Dirk Spenner, international CEO at Gallagher Re told Intelligent Insurer in October that the reinsurance broker was “scaling up and there are other deals in the pipeline ... There are fewer potential partners in reinsurance, compared with the insurance side, but we have a very clear strategy to pursue further M&A.”

Hamish Dowlen, Gallagher Re CEO for EMEA, said: “This acquisition represents a strategic opportunity to strengthen our market position, diversify our client offering, and broaden our capabilities across South Africa.”

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