Global insurance brokerage Arthur J. Gallagher & Co. is to acquire a minority stake in Prague-based Renomia, the largest independent broker based in the Central and Eastern European (CEE) region.
Primarily serving commercial clients, Renomia has grown rapidly and now has full-scale broking operations in Czech Republic, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia – as well as an extensive franchise network in the rest of the CEE region.
The deal is expected to close in the third quarter of 2019 and is subject to regulatory approval.
“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 Chief Executive Officer.
“Our companies share a similar culture and values, and we are thrilled to further solidify our partnership.”
Vyvienne Wade, CEO of Gallagher’s international property/casualty brokerage operations, added, “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. Renomia fits that definition perfectly.”
