RENOMIA continues to grow significantly and teams up with strong partner to support long-term development
25. June 2019
RENOMIA, the leading insurance broker in Central and Eastern Europe, continues to strengthen its position for further successful long-term and dynamic development. Gallagher, a leading risk management consulting firm and the fourth largest insurance broker in the world, with sales of over USD 6 billion and 30,000 employees, will join RENOMIA as a 30% minority shareholder. The majority shares will stay with founders of the company. RENOMIA will continue operation under the same brand name, under the management of its current shareholders and executive team and will carry on its present course towards achieving its vision and strategy. RENOMIA will continue its expansion in all segments across the CEE region and improve the way it provides services to its clients. RENOMIA and Gallagher share the same values, both are built on professionalism and run by family shareholders. The transaction is subject to regulatory approval and is expected to be completed in the third quarter of 2019.
“We chose Gallagher to be our global strategic partner for a number of reasons. Both companies were founded and are managed by families, our values, mission statements and strategies are in alignment and we always want to give the best service to our clients around the world. The partnership will bolster our know-how, generate training opportunities for our colleagues, improve access to the global insurance market and facilitate the development of new specialized products and services for our clients. RENOMIA will be able to better serve its clients anywhere in the world. An equally important advantage will be the joining of our forces in the field of customer services digitalization and greater efficiency of our internal processes,” said Jiřina Nepalová, the founder and CEO of RENOMIA, commenting on the transaction.
The acquisition of a minority stake by Gallagher is a further step towards a deeper partnership with RENOMIA and it follows up on a long tradition of mutual cooperation. “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,” said Patrick Gallagher, Jr., Chairman and CEO. “Our companies share a similar culture and values, and we are thrilled to further solidify our partnership.”
Over the past five years, RENOMIA has doubled in size, mainly due to specialized insurance and risk management solutions in more than 30 industries, as well as its expertise in designing and delivering employee benefit programs and services for individual clients. This result has been achieved by a combination of organic growth and strategic acquisitions under the leadership of an experienced RENOMIA management team with Jiřina Nepalová at the helm for over 25 years. In the past ten years, RENOMIA invested in 14 companies in the CEE region and it is committed to this course, now stronger thanks to its partnership with the global leader Gallagher.
“To me, our new partnership is an expression of trust in our entire team, all my colleagues across branches and countries in which RENOMIA already operates. This trust is also reflected in the fact that - going forward - the management of RENOMIA will continue to be fully in the hands of the present shareholders and managers. This transaction is a unique marriage of the regional expertise of the RENOMIA to an impressive global presence,” added Jiřina Nepalová.
In addition to developing expertise and a global product portfolio, Gallagher will also support the development of RENOMIA by increasing the company's capital. This will allow RENOMIA to pursue more viable acquisition opportunities in the CEE region.