The evolution of the German broking sector continues apace as fast-growing Frankfurt-based firm MRH Trowe has announced its ninth acquisition this year, with the takeover of Kolb & Bär Insurance and Financial Brokers GmbH.
Kolb & Bär specialises in private and commercial customers. With the latest deal, MRH Trowe expands its presence in southern Germany with a focus on the Franconian region.
The firm said that in future, commercial customers will be advised via a joint platform from MRH Trowe, KVM (Kulmbacher Versicherungsmakler GmbH) and Kolb & Bär.
MRH Trowe was acquired by AnaCap Financial Partners, a mid-market private equity investor, last year.
AnaCap said that it had identified the company as a “strong platform to achieve scale in the large and consolidating German market”.
The industrial broker said that it is achieving its sales targets faster than planned.
Prior to this latest deal, MRH Trowe announced the acquisitions of Karlsruhe ITUS Versicherungsmakler GmbH, which specialises in IT services and company pension schemes; and Anthes Versicherungsmakler GmbH from Dreieich near Neu-Isenburg, which also specialises in IT services. Both companies joined the MRH Trowe family in mid-July.
At the end of June, the Frankfurt-based broker took over EKB Versicherungsmakler AG from Karben, another company pension specialist. It also took over Stuttgart industrial insurance broker Advertum AG.
Then early last month, MRH Trowe announced the 100% takeover of sportvers GmbH from Reutlingen DTM, or the Superbike World Championship, to expand its range of sports insurance products and to lay the foundation for further expansion into the motorsport segment.
Kolb & Bär has about 30 employees at its Pegnitz and Kulmbach locations.
“With the acquisition of Kolb & Bär, we are serving two strategic goals. On the one hand, the team, like the MRH Trowe colleagues from Kulmbach, has extensive expertise in private and commercial insurance,” said Ralph Rockel, member of the management board at MRH Trowe.
“On the other hand, with the knowhow of our colleagues in Pegnitz, which is now added to our locations in Kulmbach and Nuremberg, we can develop the region of southern Germany excellently,” he added.
With effect from 1 January 2021, MRH Trowe will take over 100% of the shares in Kolb & Bär. The parties have agreed not to disclose the purchase price.
This latest expansion at MRH Trowe comes as another fast-expanding independent broker, Howden, welcomed Holger Schaefer as chief executive officer, Germany, to lead its companies in the country. Mr Schaefer started last week after more than 30 years at Allianz Group.
Howden said Mr Schaefer will lead Howden’s ambitions for the German market by building on its “strong presence, harnessing the businesses and their expertise to deliver innovative and seamless solutions for clients”.
Mr Schafer will also focus on strategic acquisitions of other “culturally aligned companies”, as well as investing in talent and digital transformation.
José Manuel González, CEO of Howden Broking, said when the appointment was announced: “I am delighted to welcome Holger to the group, who will lead our continuing expansion in the German market, building on the success we have delivered there so far and taking it to the next level.”