American insurance brokerage company Arthur J. Gallagher has acquired the remaining shares in Switzerland-based insurance firms Hesse & Partner, and Hesse Consulting.

The financial terms of the transaction were not disclosed.

In 2018 Gallagher teamed up with Hesse and Partner when it acquired a 65% interest in the business.

Founded in 1997, the acquired firm operates as risk management and insurance solution provider and consultant.

The firm provides coverages and risk advisor services mainly to manufacturing, construction and industrial clients with a particular specialism in the waste-to-energy industry.

As part of the acquisition, founder Guido Hesse will become chairman of the board and Stephan Bachmann will lead the operations going forward as CEO.

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By GlobalData

Gallagher jr. chairman, president and CEO J. Patrick Gallagher said: “Bringing this business fully into Gallagher is another important step as we expand our footprint in Europe.

“The team shares our vision, client focus and entrepreneurial spirit, so this is great news for both our clients and employees.”

The firm will also open a new office in Geneva, which will be led by Anthony Faessler.

Hesse said: “As a fully integrated part of Gallagher in Switzerland we are in a strong position to offer our clients the best solutions both in the national and international arena.

“Additionally, we are expanding our office network and investing in digitalization to improve the exchange of data and information with our clients and partners by implementing an improved IT system, which will create added value for both our clients and for us.”

In May, Aon and Willis Towers Watson (WTW) agreed to offload Willis Re and certain WTW corporate risk and broking and health and benefits services to Arthur J. Gallagher for $3.57bn.