RENOMIA buys majority stake in established insurance broker IMG in the Czech Republic
The deal generates synergy and opens pathways to further growth for both companies. RENOMIA strengthens its position also in the market of employee programmes and personal insurance consulting. IMG will gain access to know-how and modern tools for consultants, risk management and corporate insurance solutions.
"IMG has a great market reputation and is known for best-in-class service, which shows in its market position and stability. RENOMIA is very strong and well-known in corporate business in many industries and segments. We also have a strong position in employee benefits services. We also deployed modern digital technology to build online sales and solid personal lines services. Working together with IMG we have now strong and reputable network of over 250 experienced specialists and consultants for personal financial services. The whole RENOMIA GROUP, including corporate business advisors, will now consist of more than 1,500 associates," says Pavel NEPALA, Managing Partner at RENOMIA. "What is also important that IMG culture fits very well in RENOMIA's values and mission which is: 'We serve people and companies and contribute to a better life'," added Pavel NEPALA.
This is one of the bigger acquisitions made by RENOMIA throughout the last several years. It demonstrates the group's long-term commitment to its strategy of organic growth combined with acquisitions. Every year, RENOMIA's revenues show grow at a double-digit rate. As the market leader in Czech Republic and Central Eastern Europe, RENOMIA achieved consolidated revenues of more than USD 63 million in 2018. The management and team of IMG will retain their active role and both brands will be used in the near future.
"We were looking for a partner with a long-term vision, stellar client service, modern tools for our consultants and one that would want to make use of our experience. The alignment between our values makes me believe that our integration into RENOMIA will be seamless, and that the group's support and the know-how we now have access to will help us develop both our services and satisfaction of the whole team in the future," comments Ivan SOUCEK, The Founder and Member of the Board of IMG.
RENOMIA GROUP founded in Czech Republic in 1993 is the leading insurance broker in Central and Eastern Europe. RENOMIA offers end-to-end service in the area of insurance, risk management and financial services for businesses and individuals. RENOMIA will report written premium over $ 460 million and has more than 1,500 associates. RENOMIA operates unique leading unified network in 31 countries in Central and Eastern Europe (RENOMIA European Partners - REP). RENOMIA clients enjoy premium services in 150 countries through strong established alliance partners.
IMG a.s. is the Czech leading independent consultant and broker in insurance and financial services. The company was founded in 1995. In the TOP30 Insurance Brokers 2017, IMG ranked 11th, and is an active member of the Czech Insurance Brokers' Association.