Arthur J. Gallagher & Co., based in Rolling Meadows, Illinois, has acquired Switzerland-based AccurART, according to a press release. The terms of the acquisition were not disclosed.
"AccurART bolsters our specialist fine arts presence in Europe, complementing our existing experience in this field," J. Patrick Gallagher, Jr., chairman, president and CEO, said. "We are delighted to welcome Sandra, Frank and their colleagues to Gallagher and look forward to working with them to further expand their client base with their sector expertise and specialist service."
Based in Zurich, Switzerland, AccurART is a specialist fine arts insurance broker for private collections, museums, galleries and fine arts exhibitions. The company also offers services related to jewelry, wine collections and musical instruments, and oversees a subsidiary in Vaduz, Liechtenstein intended to fulfill the needs of clients in Europe.
Sandra Aebersold, Frank Häcker and their team will work alongside a team led by Stephan Bachmann, the head of Gallagher's insurance brokerage operations in Switzerland.
The acquisition follows other expansion initiatives carried out by the company, including the acquisition of Woodland Hills, California-based Leavitt Insurance Services of Los Angeles, which specializes in commercial property/casualty insurance and employee benefits consulting.
"Leavitt is a highly regarded agency whose culture aligns with ours, and their expertise across a variety of niches will strengthen our capabilities in the region," Gallagher, Jr. said. "I am very pleased to welcome Teri, Ken and their associates to our growing, global team."
Counting with the support of its owned operations and a pool of global brokers and consultants, the firm has established an operational presence in 130 countries.
The firm also recently reported a strong financial standpoint for the start of 2023, reporting 12% revenue growth, 9.7% organic revenue growth, 12% growth in reported net earnings and 15% growth in adjusted EBITDAC.
"We expect insurance and reinsurance pricing increases to continue throughout 2023 and beyond,” Gallagher, Jr. said. “Our talented team will leverage our expertise, data and insights to help clients with these challenging insurance market conditions. I believe we are very well positioned for the remainder of 2023!"