Gallagher to take minority stake in Prague broker

Arthur J. Gallagher & Co. has agreed to take a minority stake in Prague-based Renomia AS, the broker said in a statement Tuesday.

The deal is subject to regulatory approval and is expected to close in the third quarter of 2019, the statement said. Terms were not disclosed.

Renomia, founded in 1993, has broking operations in the Czech Republic, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia and a franchise network in the rest of the CEE region. The company has more than 1,500 employees, the statement said.

Renomia provides coverages to the automotive, aviation, construction, engineering, energy, food, forestry, and glass production industries, according to its website.

"Renomia is a very strong, family-run business that has been a valued participant in Gallagher's strategic broker partner network, Gallagher Global Alliance, for 15 years," J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement.