Arthur J. Gallagher acquires Swiss brokerage Verbag

Arthur J. Gallagher & Co. on Monday announced the acquisition of Swiss insurance broker Verbag Versicherungsberatungs AG.

Terms of the transaction were not disclosed.

Based in Zug, Switzerland, Verbag offers commercial lines, employee benefits, accident and health and high-net-worth personal lines brokerage and consulting services, with revenue of approximately $2 million, Gallagher said in a statement.

Thomas Renold and his associates will continue to operate from their current location under the direction of Tanja Jung, CEO of Hesse - A Gallagher Company, in Switzerland, according to the statement.

The acquisition furthers Gallagher’s expansion into Switzerland.

“With Gallagher having invested in creating a specialist insurance broking platform in Continental Europe, offering strengths in marine, construction, trade credit, liability and waste-to-energy risks, we are very pleased to expand our capabilities yet further,” Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said in the statement.

Arthur J. Gallagher & Co. is the world’s fourth-largest insurance brokerage, according to Business Insurance’s latest ranking.