Arthur J. Gallagher is to acquire a minority stake in Prague-based Renomia, the largest independent broker based in Central and Eastern Europe

An agreement has been signed by Gallagher to purchase a minority stake in Prague-based insurance broker Renomia.

Subject to regulatory approval, the deal is expected to close in the third quarter of 2019.

Founded in 1993 by Jirina Nepalova and her sons, Jiri and Pavel, Renomia is the largest independent broker based in the Central and Eastern European (CEE) region.

The broker has more than 1,500 staff, serving clients under the Renomia brand, via its franchise partner network in the CEE region.

Primarily serving commercial clients, Renomia has grown both organically and through strategic acquisitions, and now has operations in seven countries; including Czech Republic, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia

“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,” explained J. Patrick Gallagher, Jr., chairman, president and chief executive officer (CEO) of Gallagher.

“Our companies share a similar culture and values, and we are thrilled to further solidify our partnership,” he added.

“Our international expansion story continues to be one of investing in economies where we can see a strong opportunity for growth, complementary to our specialisms, and where we find a strong local partner who is well-aligned culturally and shares our ambition, client focus and ethics,” explained Vyvienne Wade, CEO of Gallagher’s international property/casualty brokerage operations.

“Renomia fits that definition perfectly,” she added.