Arthur J Gallagher acquires Brim
Arthur J Gallagher has expanded its presence in Scandinavia through the acquisition of an 85 percent stake in Brim AB, a Swedish specialist insurance and reinsurance broker.
Brim, with revenues of $11.4 million, serves its 2,000 clients with two core practices, credit and political risk, and construction.
The credit and political risk practice provides financing support for major infrastructure projects around the world, while the construction practice supports residential and commercial building development, together with infrastructure and civil engineering across Sweden, Finland and Norway.
Arthur J. Gallagher is the international broking division of Arthur J. Gallagher & Co. outside of the US and employs 6850 staff across the UK, Australia, Singapore, Caribbean, Canada, Chile, Colombia, Peru, Norway and New Zealand.
This deal is part of Arthur J Gallagher’s expansion in Scandinavia, and follows its purchase of Bergvall Marine, 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,” Vyvienne Wade, international commercial director at Arthur J Gallagher, said.
“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,” she said.
Rikard Öijermark, chief executive officer (CEO) of Brim, said: “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.”
