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AnaCap’s MRH Trowe acquires afm Holding

MRH Trowe (MRHT), an owner-managed commercial lines insurance broker in Germany, and a portfolio company of AnaCap Financial Partners (AnaCap), a specialist mid-market private equity investor in financials, technology and related business services, has acquired a majority stake in afm Holding AG (afm), a top-25 industrial insurance broker with a long operating history in the country.

afm is based in Hamburg and has been a key player in the German insurance landscape for almost 30 years. It serves more than 70,000 clients across the commercial and high-value private customer segments of the market. With 200 employees, including a network of approximately 100 exclusive and independent sales advisors, afm is one of the top 25 brokerage houses nationwide.

This latest investment follows the strategic roadmap undertaken by the Group, aimed at expanding its in-house capabilities and strengthening its geographical coverage. With this acquisition, MRHT is further increasing its coverage in Northern Germany, aided by the creation of a strong footprint in Hamburg. 

In addition, the deal is expected in commercial terms to be mutually beneficial for both the Group and afm, as it will strengthen MRHT’s expertise to provide best-in-class services to affluent private customers, while also giving afm access to MRHT’s extensive portfolio of products and services to better serve its key industrial clients. Moving forward, both MRHT and afm will look to explore and optimise cross-selling potential across multiple product lines and customer sectors.

As a result of this acquisition, the Group is now on track to deliver more than €100 million of run-rate revenue. The founding managers, who will retain a minority stake in afm as part of the next chapter of company growth, will remain fully responsible for day-to-day business operations.

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