Insurance and risk management giant Gallagher has expanded its specialty broking capabilities by acquiring a 65% stake in specialist Swiss broker Hesse & Partner AG and Hesse Consulting GmbH (Hesse). Terms of the deal were not disclosed.
Zurich-based commercial insurance broker, Hesse, was founded in 1977. It specializes in developing bespoke risk and insurance solutions for industrial, manufacturing and construction clients, with a particular specialism in the waste-to-energy industry.
The Swiss firm hopes joining forces with Gallagher will ensure its clients gain much broader access to international markets and expertise, and a wider range of products and services, while continuing to receive the same high-quality service. The Hesse team will continue to operate from Zurich and will remain unchanged, led by chairman and founder Guido Hesse and CEO Tanja Jung.
“We’re exceptionally proud of the business we’ve built over the last two decades and needed the right partner to help us take it to the next level of international expansion,” said Hesse. “Gallagher’s recognized ethical business standards and practices are a perfect fit with our company culture of openness, integrity and unparalleled customer service. In addition, Gallagher is known to be associated only with premier brokers in a particular geographic region or market niche. We’re very pleased to be the latest example of this.”
Jung added: “Our decision to partner with Gallagher sets an example for international consolidation in the Swiss insurance broker market. Securing greater access to international markets and broader expertise not only benefits our customers but will undoubtedly help us to attract the best talent in the industry to expand our range of products and services. We’re excited for the future as part of Gallagher.”
The deal also marks Gallagher’s entry into Switzerland, following other strategic investments in Scandinavia and the creation of a Northern European specialty insurance broking platform, with strengths in marine, construction and trade credit.
“The Hesse team’s reputation for innovative client solutions, strong market relationships and sector expertise in the increasingly important waste-to-energy space provide a fantastic complement to the existing strengths of our specialty insurance broking businesses,” commented Vyvienne Wade, CEO of Gallagher’s International division. “The Hesse team shares our vision, client focus and entrepreneurial spirit, which makes them a strong cultural fit with Gallagher.
“Expanding our footprint into the strong and stable economy of Switzerland, with its mature and globally significant insurance market, is an exciting development. This deal will enable Gallagher to work more closely with core Swiss industry sectors such as financial services, commodity trading and manufacturing, which will create considerable opportunities to serve new clients. We’re delighted to welcome Guido, Tanja and their team into Gallagher.”