Gallagher Re has agreed to acquire Resilea (Pty), the largest independent reinsurance broker in South Africa.

The new purchase is expected to bring an increased level of scale and strength to Gallagher Re which has offices in Bermuda.

Iain Macindoe, who previously served as chief executive of Resilea, will move into the role of chairman, South Africa.

Mathew Macindoe, who previously served as Resilea managing director will assume the role of regional director and CEO of the South African business.

Hamish Dowlen, CEO for European, Middle East and Africa, said the acquisition represents a strategic opportunity to strengthen Gallagher Re’s market position, diversify their client offering and broaden their capabilities across South Africa.