German insurance broker MRH Trowe has purchased a majority stake in rival broking firm afm Holding to strengthen its private client business.

With 30 years of experience, afm Group is said to have nearly 70,000 customers in private customer space.

The company has 200 employees, including over 100 customer advisors.

MRH Trowe Management Board member Ralph Rockel said: “Thanks to afm’s broad network of consultants, we see good opportunities to further expand our services, especially in the private customer segment.”

The strategic deal is expected to help MRH Trowe expand its footprint across northern Germany with a new headquarters in Hamburg.

However, the companies did not disclose the financial and other terms of the transaction.

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Under the arrangement, the companies will club their complementary sales activities to explore new markets with growth potential and to expand services offered to customers.

The deal will give afm access to MRH Trowe’s large portfolio, which includes corporate customer business segment.

afm Group CEO Bernd Rademann and board member Jan Weithase will continue to manage the company’s business post acqusition.

Further, MRH Trowe will be represented in afm’s supervisory board by two members.

Rademann said: “By partnering with MRH Trowe, we are aiming for ambitious growth by sharpening our offering to major customers.

“Conversely, at MRH Trowe we are contributing our solutions for upscale private customers, exclusive employee programmes and segmented corporate insurance concepts.” Weithase said: “We expect significant added value, especially in the areas of Credit & Finance, Financial Lines, Employee Supply and Real Estate.”