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- Gallagher extends Scandinavian investment with 85% stake in Brim
Gallagher bolsters Scandinavian specialty footprint with Brim acquisition
Arthur J. Gallagher has extended its investment in Scandinavia by acquiring an 85% stake in Swedish specialist insurance and reinsurance broker Brim AB (“Brim”).
With revenues of US$11.4m and employing 29 people, Brim is a specialty broker with a first-class client base of around 2,000 diverse clients served by two core practices.
The company’s Credit and Political Risk practice provides financing support for major infrastructure projects around the world, whilst Brim’s Construction practice supports residential and commercial building development, together with infrastructure and civil engineering across Sweden, Finland and Norway.
Scandinavia is an area of strategic development for Arthur J. Gallagher and this latest deal bolsters the highly successful purchase of Bergvall Marine AS, the Norwegian marine, energy and specialty insurance broker in December 2013.
Vyvienne Wade, International Commercial Director at Arthur J. Gallagher, said: “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. 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. Under the continued leadership of Rikard Öijermark and Fredrik Enderlein, the Brim team will now play an important role in our development and growth in Scandinavia.”
Fredrik Enderlein, CEO of Brim, said: “We have enjoyed great success working with Gallagher’s London Specialty, International and Reinsurance teams and built a strong rapport with the organisation and its leadership. 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. We see a great and exciting future ahead of us and look forward to becoming part of the Gallagher team.”
Grahame Chilton, CEO of Arthur J. Gallagher International, added: “We have a clear strategy at Arthur J. Gallagher to bring together leading specialty brokers and expertise within each class and territory of business around the world. Brim is yet another great example of a first-class broker who sees the benefits of joining our growing International business.”