GALLAGHER expands into CEE acquiring minority stake in Czech insurance broker RENOMIA

Global insurance broker GALLAGHER has expanded its presence in CEE Region acquiring minority stake (29.7%) in Czech-based insurance broker RENOMIA for an undisclosed sum. The transaction is subject to regulatory approval and is expected to close in the third quarter 2019.

The majority shares will stay with founders of the company. RENOMIA will continue operation under the same brand name, under the management of its current shareholders and executive team and will carry on its present course towards achieving its vision and strategy.

Founded in 1993, headquartered in Prague and still family-run, RENOMIA is now the largest independent broker based in the Central and Eastern Europe (CEE) region, with full-scale broking operations in seven jurisdictions - Czech Republic, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia as well as an extensive franchise network in the rest of the CEE region.

GALLAGHER is a leading risk management consulting firm and the fourth largest insurance broker in the world, with sales of over USD 6 billion and 30,000 employees.

"We chose GALLAGHER to be our global strategic partner for a number of reasons. Both companies were founded and are managed by families, our values, mission statements and strategies are in alignment and we always want to give the best service to our clients around the world. The partnership will bolster our know-how, generate training opportunities for our colleagues, improve access to the global insurance market and facilitate the development of new specialized products and services for our clients. RENOMIA will be able to better serve its clients anywhere in the world. An equally important advantage will be the joining of our forces in the field of customer services digitalization and greater efficiency of our internal processes," said Jirina NEPALOVA, the founder and CEO of RENOMIA, commenting on the transaction.

The acquisition of a minority stake by GALLAGHER is a further step towards a deeper partnership with RENOMIA and it follows up on a long tradition of mutual cooperation.

"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 Patrick GALLAGHER, Jr., Chairman and CEO. "Our companies share a similar culture and values, and we are thrilled to further solidify our partnership."

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