Arthur J. Gallagher & Co. announced it has signed an agreement to purchase a minority stake in Prague-based Renomia.
The deal is subject to regulatory approval and is expected to close in the third quarter of 2019. Financial details of the transaction were not disclosed.
Founded in 1993 by Jirina Nepalova and her sons, Jiri and Pavel, Renomia is the largest independent broker based in the Central and Eastern European (CEE) region, with more than 1,500 colleagues serving clients under the Renomia brand, via its extensive franchise partner network, explained Rolling Meadows, Ill.-based Gallagher.
Primarily serving commercial clients, Renomia has grown rapidly, both organically and through strategic acquisitions, and now has full-scale broking operations in seven countries — Czech Republic, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia — as well as an extensive franchise network in the rest of the CEE region.
“Renomia is a very strong, family-run business that has been a valued participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for 15 years,” said J. Patrick Gallagher Jr., chairman, president and CEO. “Our companies share a similar culture and values, and we are thrilled to further solidify our partnership.”
“Our international expansion story continues to be one of investing in economies where we can see a strong opportunity for growth, complementary to our specialisms, and where we find a strong local partner who is well-aligned culturally and shares our ambition, client focus and ethics,” said Vyvienne Wade, CEO of Gallagher’s international property/casualty brokerage operations. “Renomia fits that definition perfectly.”
Source: Arthur J. Gallagher & Co.
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