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- Gallagher expands footprint and broadens capabilities in Scandinavia with Swedish deal
Gallagher builds out Scandinavian capabilities with acquisition of Nordic Försäkring FOO
Arthur J. Gallagher has expanded its footprint and broadened its capabilities in Scandinavia with the acquisition of property and casualty insurance broker Nordic Försäkring & Riskhantering AB (‘Nordic’) in Gothenburg, Sweden. Terms of the transaction were not disclosed.
Scandinavia is a core area of strategic development for Gallagher and this latest deal builds on the highly successful 2013 purchase of international marine and energy broker Bergvall Marine AS, based in Norway, and last year’s acquisition of a majority shareholding in trade credit, political risk and construction specialist Brim AB in Stockholm.
Established in 1991, by the father of the two current business leaders, Nordic broadens Gallagher’s existing specialist product offering in Scandinavia into additional P&C lines while adding new areas of expertise and capability, such as life sciences, transportation and engineering. It is also an affinity specialist, working with trade associations, professional groups and industry sectors to create tailored solutions for members or their customers.
The deal extends Gallagher’s footprint in Sweden to cover the two largest cities, with Gothenburg an important commercial hub for manufacturing and industry. It also includes Nordic’s recent acquisition of local commercial insurance broker Dahlkvist, which specialises in passenger transportation, engineering and construction lines.
Anders Mjaaland, head of Arthur J. Gallagher’s Scandinavian operations, said: “It’s fantastic to be able to welcome the Nordic team into Gallagher — a team already well-known to our colleagues within Brim thanks to their reputation for professionalism and expertise across the Swedish market. With their complementary strengths and sector specialisms, backed by the global power of Gallagher, our combined operations in Sweden create a compelling proposition to clients looking for a best-in-class broker to devise programmes of tailored risk management and insurance solutions. We look forward to working with Jonas, Andreas and the team to collectively grow our Scandinavian business.”
Jonas Bergfeldt, CEO of Nordic, commented: “Having built a successful and family-owned broking firm over the past 25 years, we were looking for a global partner to help take the business to the next level for the benefit of our clients. Gallagher demonstrates not only a shared entrepreneurial culture but a commitment to the Scandinavian market. Its appreciation for on-the-ground expertise, to ensure customers continue to receive the right blend of local service whilst taking advantage of Gallagher’s global reach and influence, makes them the right partner for us.”
Commenting on the acquisition, Vyvienne Wade, CEO of the Overseas division at Arthur J. Gallagher, added: “Nordic represents a valuable opportunity to expand our operational footprint in Scandinavia in line with our growth strategy of investing in market-leading businesses that broaden our specialist capabilities and diversify our geographic presence. Its particular blend of specialty focus offers great synergy with Gallagher’s London market and international broking operations and we’re extremely pleased to welcome the team into the expanding Gallagher family.”