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FRANKFURT, Germany-Broker Jaspers Industrie Assekuranz says the wave of broker megamergers, which took away its international partner Alexander & Alexander Services Inc., has left it "high and dry."
Director Klaus Nowitzky says the broker is searching for a replacement to "secure its international presence." The broker is considering several forms of cooperation but has not reached an agreement. "By midyear we'll know one way or the other," said Mr. Nowitzky.
Frankfurt, Germany-based Jas-pers is the second major broker to lose its international network through merger. Earlier this year, Jauch & Huebener KGaA also found itself alone after its UNISON partner, Johnson & Higgins, merged with Marsh & McLennan Cos. Inc. (BI, March 17).
Both brokers say they want to keep their independence.
"Service organizations in Europe like it that way," says Jauch & Huebener Executive Partner Christian Dahms. "It's the traditional form."
After Chicago-based Aon Group Inc. acquired Alexander & Alexander (BI, Dec. 16, 1996), Jaspers also lost its most important international partner.
"Mergers are having an enormous effect on German companies," Mr. Nowitzky said. "New large international units are being formed, and German companies could join them," he said.
Both Jauch & Huebener and Jaspers expect far-reaching decisions within their own companies by midyear that could fundamentally change the character of business in Germany. Jauch & Huebener also is in talks with possible international partners. An announcement of its new partner is expected by June.