Re/insurance broking firm Arthur J. Gallagher & Co has acquired Switzerland-based fine art insurance broker, accurART. Terms of the transaction were not disclosed.
A market-leader in Switzerland, accurART specialises in insurance for private art collections, museums, galleries and for fine art exhibitions.
The firm also offers cover for other valuables, which includes jewellery, fine wine, and musical instruments.
accurART is headquartered in Zurich, Switzerland, and also has a subsidiary based in Vaduz, Liechtenstein, which looks after clients across Europe.
The company was established in 2012 and is headed up by Managing Directors, Sandra Aebersold and Frank Häcker, both of whom will continue to lead the business, following the acquisition. At the same time, the current team of eight will become part of Gallagher’s existing Switzerland operations under CEO, Stephan Bachmann.
Commenting on the acquisition, Bachmann said: “accurART is a brilliant addition to our Swiss business. Sandra and Frank have built a great team which really understands the fine art sector and works closely with its client base to provide them with consultancy and individual insurance solutions so I am delighted to welcome them all to Gallagher. I look forward to working with them to continue to grow the business.”
Sandra Aebersold, added: “Becoming part of Gallagher is great news for our clients and people. Gallagher’s reputation for providing clients with a high level of sector expertise, plus its ethical approach matches how we like to do business, and we are looking forward to joining forces.
“For us and our customers, a personal and trusting collaboration was, is and always will be the top priority, as well as a service of the highest quality. The demand for classic art insurance is continuing to rise and the developments in the sector mean that the needs of fine art clients continue to change, and new solutions need to be developed.”
Earlier this year, Gallagher acquired Anderson Benson, a Nashville, Tennessee-based retail insurance broker and risk management firm.
