Gallagher has acquired German commercial insurance and reinsurance broker KROSE GmbH & Co KG, further expanding its footprint in Europe's large-corporate segment and deepening its on-the-ground presence in Germany.
Terms of the deal were not disclosed.
Headquartered in Bremen, KROSE, which employs around 70 risk professionals, works with large blue-chip clients across Germany and specialises in designing and placing complex insurance and reinsurance programs in close cooperation with in-house risk managers and insurance departments.
Managing directors Oliver Cullman, Leopold Muhle and Urs Gottwald will remain on their posts, with the addition of Andreas Keller.
KROSE will become part of Gallagher’s European brokerage operations, which now cover more than 20 countries.
Broking consolidation and German strategy
The acquisition comes amid continued consolidation in global insurance broking. Industry data from Insuramore shows brokers generated about US$180 billion in fees and commissions in 2024, up 8.1% year over year, with the top 15 groups, including Gallagher, growing faster than the market at 10.7%, helped by mergers and acquisitions. For German industrial buyers and carriers, that trend is bringing more large, internationally backed intermediaries into what was historically a more locally dominated market.
In Germany specifically, international groups have been steadily buying into the industrial and specialty segment. Local trade publications had reported for some time that KROSE was a potential target.
Gallagher already operates in Germany through several units. It has a reinsurance team of more than 50 people based primarily in Munich under the Gallagher Re brand, and it acquired Cologne-based Köberich Financial Lines in early 2024, adding D&O and other financial lines capabilities.
Together with KROSE, those businesses give Gallagher a broader proposition across retail, specialty and reinsurance in the German market.
“Our strategic investment in KROSE enhances Gallagher’s presence in Germany and expands our insurance and reinsurance capabilities in Europe,” said Simon Matson, executive vice president, Gallagher Global Brokerage. “We will be focusing on bringing the expertise we now have across all the different Germany-based teams together to explore further solutions for firms operating in the country.”
For Gallagher’s European operations, Germany is viewed as a core growth market alongside the UK, Nordics, Switzerland and selected central and eastern European territories.
Large-risk focus and client base
KROSE’s business model is closely aligned with German large-risk buying habits, which typically emphasize long-term broker relationships, heavy use of captives and alternative risk structures, and close cooperation between brokers and corporate risk management.
“KROSE is a perfect match for us and this acquisition presents a great opportunity for Gallagher to build our presence in Germany and enable both the team at KROSE and Köberich to expand their current client services,” said Alex Nagler, CEO of Gallagher in Europe. “Many KROSE clients are large multinationals with complex risks they need to manage, and being able to access Gallagher’s global expertise will further enrich its client offering.”
The deal gives carriers another global intermediary with structured access to German industrial risk and may intensify competition on terms and program design for complex multinational accounts.
