A U.S. insurance broker has added a Swiss rival based in the canton of Zug. The acquisition is the second by the U.S. firm in Switzerland within a year.
Arthur J. Gallagher, a global insurance brokerage and consultancy based in Illinois, has agreed to acquire Verbag, a broker based in Rotkreuz. The U.S. firm is buying Verbag through Hesse & Partner, a company it bought in June 2018, according to a statement released on Monday.
The company didn’t reveal the price it agreed to pay for the Swiss firm. Verbag has six members of staff and focuses on the business with pensions and luxury goods. The company will continue operating from its offices in Rotkreuz and Thomas Renold, the head of Verbag, will remain as chairman. He reports to Tanja Jung, head of Hesse & Partner.
The deal follows a merger of brokerages Furrer & Partner and Neustrass in March. They also are based in the heart of Switzerland.
