Stockton-based insurance broker Erimus Group has been acquired by Gallagher, making the new combined operation one of the largest in the region.

Erimus is a retail insurance broker with a large regional commercial client base. The firm was founded in 1986, has circa 2,500 clients, and employs around 40 risk professionals.

The acquisition of Erimus adds further quality and scale to Gallagher’s operations in the North East, and builds on its existing presence in Newcastle which also has around 40 employees supporting local and national businesses with their risk management needs.

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The combined operations will provide local businesses with expertise in risk management and insurance including commercial combined, business interruption, commercial property, cyber, D&O and employers’ liability insurance.

Paul Davison, Group CEO and Lee Elgie, Managing Director will stay in their current roles at Erimus and will continue to be supported by the existing team from the office in Teesside.

Commenting on the acquisition, Elliot Miller, Regional Managing Director of Gallagher for Scotland and the North East, said: “We are delighted to welcome the Erimus team to Gallagher. This business is a great fit with us and we are delighted to further invest in our presence in the North East. The region is a hub of major investment and there are extensive growth opportunities for businesses based here.

“We are committed to being at the heart of the communities we serve as this means we can develop a deep understanding of the risks and challenges that our clients face, and we can provide unrivalled products and solutions to help them manage risk.

"I am confident that our combined teams, under the leadership of Frank Firth in Newcastle and Paul Davison in Teesside, will offer businesses in the North East an unbeatable mixture of insurance expertise and local knowledge.”

Paul Davison, Group CEO of Erimus said: “We are very pleased to join forces with Gallagher and become part of one of the UK’s largest insurance brokers with ambitious growth aspirations in the North East. This development is great news for clients as they will retain the personal service they are used to from the team that they know, and can additionally take advantage of Gallagher’s scale.”