Gallagher Re, the global reinsurance broker and part of Arthur J. Gallagher, has agreed to buy Steadfast Re Pty Ltd., a Sydney-based reinsurance brokerage. The deal aims to strengthen Gallagher Re’s presence in Australia and is expected to close in the last quarter of 2025. Financial details of the transaction were not shared.
Mark O’Brien, managing director of Gallagher Re’s APAC region, said this move will help the company better support clients such as MGAs and mutuals. Heather Bone, CEO of Gallagher Re Australia, added that Steadfast Re’s team fits well with their culture, which is important for the integration.
In another industry update, Lockton Re has launched a new office in Dubai to expand its services in the Middle East and North Africa (MENA) region. Gerard Monayer will lead the new operation as CEO. Lockton Re aims to combine local expertise with global resources to offer improved service and innovative risk solutions.
Keith Harrison, international CEO of Lockton Re, highlighted the significance of this step for the company’s growth in the MENA market. Chairman Ata Khatib emphasized their commitment to the region and the goal of bringing greater value to their partners.
With 23 locations worldwide, Lockton Re views Dubai as an important hub for continuing its global growth and meeting the needs of clients in the fast-changing reinsurance landscape. Tim Gardner, global CEO of Lockton Re, stressed that investing in talented teams and expanding services in key markets remains a top priority.