Arthur J. Gallagher has extended its investment in Scandinavia by acquiring an 85 percent stake in Swedish specialist insurance and reinsurance broker Brim AB.
With revenues of US$11.4 million and employing 29 people, Brim is a specialty broker with approximately 2,000 diverse clients served by two core practices, said a statement issued by Arthur J. Gallagher*, the brand name for the international broking division of Arthur J. Gallagher & Co. outside of the United States.
The company’s credit and political risk practice provides financing support for major infrastructure projects around the world, while Brim’s Construction practice supports residential and commercial building development, together with infrastructure and civil engineering across Sweden, Finland and Norway.
Scandinavia is an area of strategic development for Arthur J. Gallagher and this latest deal bolsters the successful purchase of Bergvall Marine AS, the Norwegian marine, energy and specialty insurance broker in December 2013.
“As a Gallagher Global Alliance partner 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,” said Vyvienne Wade, International Commercial director at Arthur J. Gallagher.
“The team’s reputation for providing clients with leading and innovative brokerage services throughout the domestic and international markets is second to none and mirrors our own commitment to delivering great customer outcomes,” Wade added.
“Under the continued leadership of Rikard Öijermark and Fredrik Enderlein, the Brim team will now play an important role in our development and growth in Scandinavia,” Wade went on to say.
“We have enjoyed great success working with Gallagher’s London Specialty, International and Reinsurance teams and built a strong rapport with the organization and its leadership,” said Rikard Öijermark, CEO of Brim.
“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. We see a great and exciting future ahead of us and look forward to becoming part of the Gallagher team,” Öijermark continued.
Grahame Chilton, CEO of Arthur J. Gallagher International, added: “We have a clear strategy at Arthur J. Gallagher to bring together leading specialty brokers and expertise within each class and territory of business around the world. Brim is yet another great example of a first-class broker who sees the benefits of joining our growing international business.”
* Arthur J. Gallagher employs 6850 staff across the UK, Australia, Singapore, Caribbean, Canada, Chile, Colombia, Peru, Norway and New Zealand.
Source: Arthur J. Gallagher
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