A large U.S. insurance broker is buying a Zurich-based rival. The Americans hope to acquire more customers from the finance industry.
Arthur J. Gallagher, a global insurance brokerage and consultancy based in Illinois, bought two thirds of Switzerland’s Hesse & Partner as well as Hesse Consulting, according to a joint statement on Monday. The companies did not give the details of the deal.
With the purchase, Gallagher is entering the Swiss market for the first time. It follows investments in Scandinavia and the development of a Northern European insurance brokerage platform with an emphasis on transport, logistics, construction and trade loans.
Hesse Team to Stay On
In Switzerland, the company aims to win new clients in the financial services industry, commodity trading and manufacturing.
The team at Hesse will remain unchanged, with Chairman and founder Guido Hesse and CEO Tanja Jung, according to the statement. The clientele, mainly from small- and medium-sized industries, will be catered for by their partners in Zurich and the branch in Germany.
