International brokerage Arthur J. Gallagher (AJG) has bolstered its footprint in Scandinavia with the acquisition of a majority stake in Sweden’s re/insurance broker Brim AB.
AJG has announced that it has acquired an 85% stake in the Swedish specialty broker, which has around 2,000 clients who are served by two core practices.
Before the acquisition, Brim has been a Gallagher Global Alliance broker partner, according to AJG commercial director Vyvienne Wade.
“We have built a close working relationship with Brim over the years and the decision to invest in the business was a natural evolution of that existing relationship,” Wade said.
AJG said it considers Scandinavia as an area of strategic development, and that its latest deal augments the purchase of Norwegian broker Bergvall Marine AS in 2013.
“The Brim team will now play an important role in our development and growth in Scandinavia,” Wade added.
The Swedish firm has revenues of US$11.4m and employs 29 people. Its credit and political risk practice provides financing support to major infrastructure projects around the world through its.
Brim’s construction practice, meanwhile, supports residential and commercial building development together with infrastructure and civil engineering across Sweden, Finland and Norway.
The brokerage expects to improve its business now that it is part of AJG, according to Brim CEO Rikard Öijermark.
“Being part of the Gallagher group will open up new avenues of growth for us globally, along with access to a whole new range of products, services and capabilities to offer to our clients,” he said.
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