GALLAGHER BUYS-OUT SWISS BROKER HESSE

Global insurance broker Gallagher has acquired the remaining shares of Swiss insurance broker Hesse & Partner. Zurich-based Hesse provides risk management and insurance solutions for clients of all sizes across the industrial and commercial sectors. The transaction makes Gallagher the sole owner of Hesse, having purchased a 65% stake in the Swiss broker in 2018, which marked Gallagher’s entry into Switzerland. The purchase enabled Hesse to meet “growing opportunities of market globalisation”, Gallagher said. As a result of the acquisition, Hesse’s chief executive, Guido Hesse, will become chairman of the board and focus on steering the company’s strategy. The broker’s head of property and international, Stephan Bachmann, will replace Hesse as chief executive. Hesse will rebrand to Gallagher in the months to come. Further transaction details have not been disclosed.