Arthur J Gallagher & Co has advanced its expansion strategy in New Zealand with the acquisition of two advisory businesses, further embedding the global firm in the local financial and insurance markets.
The company has purchased First Capital Financial Services, along with its affiliated firm First Capital Wealth Management.
The firms, which provide a combination of risk advisory, employee benefits, and wealth management services, operate out of Christchurch and Auckland. Financial terms of the deal were not released.
First Capital’s team, led by managing director Hugh Percy, will now fall under the leadership of Graham Campbell, who oversees Gallagher’s employee benefits and HR consulting services across Australia and New Zealand.
The acquisition is intended to reinforce Gallagher’s capabilities in the employee benefits and consulting sectors in the region.
Gallagher chairman and CEO J Patrick Gallagher Jr said in a statement that the move aligns with the company’s approach to client engagement and growth.
“First Capital has a client-focused culture like our own and offers an excellent opportunity to expand our benefits consulting capabilities in the region,” he said. “I am excited to welcome Hugh and his associates to our growing, global team.”
This transaction follows Gallagher’s earlier acquisition of RMA General Limited in March. RMA provides general insurance and specialised life and health solutions throughout New Zealand. Its executive leadership, including Josh Adams, will remain in place, reporting to Carl O’Shea, who leads Gallagher’s retail broking unit in New Zealand.
The timing of these deals comes as employers face evolving expectations from employees, according to new data from Aon plc. Its 2025 Human Capital Employee Sentiment Study found that 60% of employees globally are considering a job change within the next year.
The report, based on responses from over 9,000 workers across 23 countries, indicated a growing emphasis on workplace flexibility and well-being, while fewer than 35% expressed motivation to learn AI-related skills.
These shifts may prompt employers to adjust employee benefit plans, focusing more on mental health services and flexible work policies. Programs supporting work-life balance, such as job-sharing or digital disconnect hours, ranked highly among employee preferences.
A separate report from Gallagher itself – the 2025 State of the Sector in Employee Communications – highlighted challenges facing HR leaders.
Based on input from over 2,000 communication and HR professionals in 55 countries, the report identified “change fatigue” as a leading concern, with 44% of respondents citing it as a key risk. Another 39% pointed to lack of clarity in leadership direction.
These pressures may lead organisations to reassess their insurance coverage – particularly in areas such as employee assistance programs, liability protections for HR staff, and coverage for workplace mental health support.
