Arthur J. Gallagher & Co. acquires Australian superannuation consultancy

American based insurance, risk management and consulting firm Arthur J. Gallagher & Co. has acquired Finergy Solutions and Avantek in their latest power play into the Australian financial advisory market. Details surrounding the transaction were not made public at the time of writing.

Gallagher is the third largest player in the insurance world and has been expanding in Australia with a recent spree of acquisitions. The firm entered the Australian market in 1985 and fast-forward to today, Gallagher has over 2,500 staff across 60 offices in Australia and New Zealand. 

Finergy Solutions is an Australian superannuation and consultancy company based out of Brisbane. The consultancy see themselves as one of Australia’s leading employer super advice specialists with a truly unique education and advice model. 

“Finergy’s vision is to revolutionise the way that education and advice is delivered to employees. This means transforming the high levels of apathy that individuals have around their super, as a starting point, into strong engagement and ownership. This can only be done by providing proactive, relevant and personalised education and communication which is part of Finergy’s DNA,” says Finergy. 

Avantek is a sister firm of Finergy and has also been acquired in the move. Avantek is a tech driven financial and benefit company which develops reports for super-members which claim to improve the financial literacy of everyday Australians. 

Jamie Levitt and Tim Woodhouse, the executives of both companies will be integrated into the Gallagher systems and will answer to Gallagher’s head of international employee benefits consulting Leslie Lemenager.

"Finergy Solutions and Avantek will move Gallagher more prominently into the retirement services space in Australia, and their customised employee communication capabilities are a terrific complement to our offerings," said Gallagher chair and chief executive J. Patrick Gallagher Jr. "I am very pleased to welcome Jamie, Tim and their associates to our growing Gallagher family of professionals," he said.

In 2014, the firm purchased the insurance broking arm of Wesfarmers Limited and in doing so acquired OAMPS Insurance Brokers and Crombie Lockwood. The move significantly improved their presence in both Australia and New Zealand and have since acquired Brisbane based wealth management consultancy Complete Financial Balance.