Rolling Meadows, Ill.-based Arthur J. Gallagher & Co. announced the acquisition of Swiss insurance broker Verbag Versicherungsberatungs AG.
Terms of the transaction were not disclosed.
Based in Zug, Switzerland, Verbag offers commercial lines, employee benefits, accident & health and high-net-worth personal lines brokerage and consulting services, with revenues of approximately US$2 million. Thomas Renold and his associates will continue to operate from their current location under the direction of Tanja Jung, CEO of Hesse, a Swiss-based Gallagher subsidiary.
“With Gallagher having invested in creating a specialist insurance broking platform in Continental Europe, offering strengths in marine, construction, trade credit, liability and waste-to-energy risks, we are very pleased to expand our capabilities yet further with a quality business like Verbag,” said J. Patrick Gallagher Jr., chairman, president and CEO.
Source: Arthur J. Gallagher & Co.
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