Gallagher, the insurance broker, risk management services and consulting firm, broadened its footprint in continental Europe by acquiring a 65 percent stake in specialist Swiss broker Hesse & Partner AG and Hesse Consulting GmbH.
Terms of the transaction were not disclosed.
Based in Zurich and founded in 1997, Swiss commercial insurance broker Hesse specializes in developing tailor-made risk and insurance solutions for industrial, manufacturing and construction clients, with a particular specialism in the waste-to-energy industry.
Led by Chairman and founder Guido Hesse and CEO Tanja Jung, the Hesse team will remain unchanged and continue to operate from its Zurich location.
The deal marks Gallagher’s entry into Switzerland. It follows strategic investments in Scandinavia and the creation of a Northern European specialty insurance broking platform, with particular strengths in marine, construction and trade credit.
“The Hesse team’s reputation for innovative client solutions, strong market relationships and sector expertise in the increasingly important waste-to-energy space provide a fantastic complement to the existing strengths of our specialty insurance broking businesses,” said Vyvienne Wade, CEO of Gallagher’s International division.
“The Hesse team shares our vision, client focus and entrepreneurial spirit, which makes them a strong cultural fit with Gallagher,” she added.
“Expanding our footprint into the strong and stable economy of Switzerland, with its mature and globally significant insurance market, is an exciting development,” Wade went on to say.
“This deal will enable Gallagher to work more closely with core Swiss industry sectors such as financial services, commodity trading and manufacturing, which will create considerable opportunities to serve new clients. We are delighted to welcome Guido, Tanja and their team into Gallagher,” she continued.
“We are exceptionally proud of the business we have built over the last two decades and needed the right partner to help us take it to the next level of international expansion. Gallagher’s recognized ethical business standards and practices are a perfect fit with our company culture of openness, integrity and unparalleled customer service,” commented Guido Hesse. “In addition, Gallagher is known to be associated only with premier brokers in a particular geographic region or market niche. We are very pleased to be the latest example of this.”
Tanja Jung added: “Our decision to partner with Gallagher sets an example for international consolidation in the Swiss insurance broker market. Securing greater access to international markets and broader expertise not only benefits our customers, but will undoubtedly help us to attract the best talent in the industry to expand our range of products and services. We’re excited for the future as part of Gallagher.”
Gallagher is the brand name of Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based insurance broker, risk management services and consulting firm.
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