Insurance brokerage Gallagher has acquired German insurance and reinsurance broker KROSE.
Financial terms of the deal were not disclosed.
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Founded in 1920 and based in Bremen, KROSE provides commercial insurance and reinsurance services to large corporates across Germany.
According to the press statement, the company focuses on structuring and placing complex programmes alongside in-house risk managers and insurance departments.
It employs 70 risk specialists spanning property, casualty, cyber, marine and directors & officers (D&O) cover, as well as niche classes and alternative risk solutions.
KROSE managing partner Oliver Cullmann 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.”
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By GlobalDataKROSE’s current leadership will remain, with Oliver Cullmann, Leopold Muhle and Urs Gottwald continuing as managing directors and Andreas Keller joining them in the same role.
Gallagher already has operations in Germany through a Munich-based reinsurance team of more than 50 staff and Cologne-based Köberich, acquired in early 2024.
Köberich concentrates on D&O and other financial lines products.
The addition of KROSE is expected to support closer coordination between the businesses to extend client services in Germany and across continental Europe.
The transaction adds to Gallagher’s presence in Europe, which now covers more than 20 countries.
Gallagher Global Brokerage executive vice-president Simon Matson added: “Our strategic investment in KROSE enhances Gallagher’s presence in Germany and expands our insurance and reinsurance capabilities in Europe.
“We will be focusing on bringing the expertise we now have across all the different Germany-based teams together to explore further solutions for firms operating in the country, providing us with an enviable springboard for further client growth.”
Separately, in December, the company acquired UK-based pension administrator First Actuarial.
First Actuarial serves employers and pension plan trustees across the UK, providing pension administration, consultancy, employee benefits and investment services.
