Associated Press | Itasca-based insurance brokerage Arthur J. Gallagher & Co. said Tuesday that it bought a Brazilian reinsurance broker for an undisclosed amount.

Securitas Re, based in Sao Paulo, was purchased from Estater Gestao de Investimentos Ltda. Terms of the transaction were not disclosed.

Securitas Re will be known as Gallagher Brazil and will build on
Gallagher’s existing business in South America. The company specializes
in the petrochemical, energy, and construction industries and will
focus on providing property and casualty, surety and construction
coverage.

Gallagher Brazil will be run by its current manager, Fernando Prado,
under the direction of David Ross, CEO of Arthur J. Gallagher (UK)
Limited.

Shares of Arthur J. Gallagher slipped 9 cents to $22.89 in afternoon trading.