Insurance brokerage and risk management services company Gallagher has expanded its European footprint with the acquisition of German specialty broker Köberich Financial Lines.
The deal consideration was not made public.
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Köberich’s expertise lies in directors and officers (D&O) insurance and various other financial lines assets including warranties & indemnities, cyber, crime and professional indemnity insurance.
Established in 2009 by Harald Köberich, the company’s client base spans various sectors such as engineering, energy, manufacturing, mining and construction.
Harald Köberich and his team will continue to serve in their existing roles and integrate into the European operations of Gallagher under Alex Nagler’s leadership.
Alex Nagler, who joined as the CEO for Gallagher Europe in September last year, is heading the operations in the region and works on executing the company’s expansion plans.
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By GlobalDataThis strategic move signifies the first on-the-ground broking team of Gallagher in Germany.
The acquisition also complements Gallagher’s current operations in Norway, Sweden, Liechtenstein, Turkey and Switzerland.
Nagler said: “This acquisition presents a great opportunity to enter into the German specialty financial lines market and enable the team to build on its offering through our existing global expertise.”
Commenting on the new deal, Harald said: “This is an exciting milestone for our team and becoming part of a global broker like Gallagher will enable us to take the business to its next stage of evolution, adding broader capabilities, deeper industry expertise and greater access to international markets.
“As the founder of Köberich when it was formed some 15 years ago, I wanted to make sure we became part of a business with a culturally like-minded team of colleagues who share our values and our commitment to putting our clients first, so I feel Gallagher is a great fit for us.”
Earlier this month, Gallagher hired Nepomuk Loesti from AIG as the chief commercial officer for its European broking operations.
Loesti’s role will be pivotal in driving the company’s growth strategy across Europe, with a focus on markets outside the UK. He will report to Nagler in the new role.
