Wurmtal Beteiligungen

What Wurmtal Beteiligungen does

Wurmtal Beteiligungen AG is a German publicly listed investment holding company (Beteiligungsgesellschaft) headquartered in Übach-Palenberg that invests exclusively in established companies. Its shares trade on the Hamburg Stock Exchange Freiverkehr (WKN 517630) with a share capital of EUR 1,475,000 divided into 1,475,000 no-par value shares. The company holds 100% of two insurance brokerage subsidiaries: Kehmer Versicherungsmakler GmbH (founded 1966, Übach-Palenberg) and Gondolf Assekuranzmakler GmbH (founded 1986, Neuss). Both subsidiaries operate as independent Versicherungsmakler under §34d of the German Trade Regulation (GewO), meaning they are not bound to any specific insurer and can provide unbiased advisory services.

The holding's revenue is derived entirely from its operating subsidiaries, with approximately 97% of annual revenue consisting of recurring commission income (Courtageeinnahmen) from property insurance policies placed by the brokerage subsidiaries. Kehmer, under second-generation family management (Harald and Hubert Kehmer), focuses on commercial and private property insurance with life and pension products as a secondary line. Gondolf, brought under the same Kehmer management team effective January 1, 2023, specializes in private and commercial property insurance for niche client segments including dental/medical practices, property management companies, and mid-sized enterprises, and is described as being in a continued growth phase. The company is governed by a Management Board (Vorstand) led by Franz-Josef Lhomme and a Supervisory Board chaired by Dr. Markus Linnerz.

The business model is a transaction-fee structure built on recurring insurance brokerage commissions, with revenue tied to the renewal and upsell cycle of client insurance portfolios rather than direct consumer pricing. Distribution is conducted through direct advisory relationships by the two brokerage subsidiaries, with no digital channels, technology stack, or AI/ML capabilities disclosed. Marketing is limited to investor relations communications and press releases via pressetext.com and financial media outlets such as Nebenwerte-Journal and Börsengeflüster, consistent with a small-cap public holding that does not sell directly to end consumers.

Name

Wurmtal Beteiligungen

Legal name

Wurmtal Beteiligungen AG

Website

https://wurmtal-beteiligungen.de

Company type

Public

Operating status

Operating

Short description

Wurmtal Beteiligungen AG is a publicly listed German investment holding company that owns two independent insurance brokerage subsidiaries (Kehmer Versicherungsmakler GmbH and Gondolf Assekuranzmakler GmbH), generating recurring commission revenue primarily from commercial and private property insurance advisory services.

Ownership category

akta.pro rank

Headquarters

HQ city

Übach-palenberg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Insurance Brokerage Commissions: The company generates revenue primarily through its 100%-owned insurance broker subsidiaries (Kehmer Versicherungsmakler GmbH and Gondolf Assekuranzmakler GmbH). Approximately 97% of annual revenue comes from recurring commission income (Courtageeinnahmen) derived from property insurance policies. This creates a steady, recurring revenue stream with inherent upsell potential as client portfolios grow.

Distribution channels1 record

Marketing channels2 records

Core offering

Wurmtal Beteiligungen AG is a publicly listed German holding company (Beteiligungsgesellschaft) that invests exclusively in established companies. It operates two wholly-owned insurance brokerage subsidiaries—Kehmer Versicherungsmakler GmbH (founded 1966, based in Übach-Palenberg) and Gondorf Assekuranzmakler GmbH (founded 1986, based in Neuss)—which generate approximately 97% of revenues through recurring property insurance commissions (Courtageeinnahmen) from commercial and private clients.

Product overview

Wurmtal Beteiligungen AG is a German investment holding company (Beteiligungsgesellschaft) that invests exclusively in established companies. The company operates two wholly-owned subsidiaries in the insurance brokerage sector: Kehmer Versicherungsmakler GmbH (founded 1966, based in Übach-Palenberg) and Gondorf Assekuranzmakler GmbH (founded 1986, based in Neuss). Both subsidiaries focus on property and casualty insurance brokerage, with approximately 97% of revenues derived from recurring property insurance commissions.

Differentiator

Problem solved

Functional benefit

Products and services

• Kehmer Versicherungsmakler GmbH Insurance Brokerage Services Independent insurance brokerage services under §34d GewO (German Trade Regulation) for commercial and private clients, focused on property and casualty insurance (Sachversicherungen) with life and pension insurance as secondary offerings. Generates approximately 97% of annual revenue from recurring property insurance commissions. Operated under second-generation managing directors Harald and Hubert Kehmer.
• Gondorf Assekuranzmakler GmbH Insurance Brokerage Services Independent insurance brokerage services for private and commercial property insurance clients, specializing in dental/medical practices, property management companies, and mid-sized enterprises. Managed by Harald Kehmer and Hubert Kehmer since January 1, 2023.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Kehmer Versicherungsmakler GmbHcoreOthers100%-owned subsidiary headquartered in Übach-Palenberg, Germany. Founded in 1966, now in second generation under Harald and Hubert Kehmer as managing directors. Licensed insurance broker under §34d GewO, providing independent advisory services for commercial and private property insurance. Generates approximately 97% of annual revenue through recurring property insurance commissions.
• Gondolf Assekuranzmakler GmbHcoreOthers100%-owned subsidiary in Neuss, Germany. Founded in 1986 by Thomas Gondorf; converted to current GmbH structure in 2017. New management (Harald and Hubert Kehmer) appointed January 1, 2023. Serves private and commercial property insurance clients including dental/medical practices, property management firms, and mid-sized enterprises. Company is in continued growth phase.

Scale indicators1 record

Recent moves3 records

Expansion highlights3 records

Direct peers

• Funk Gruppe: Funk Gruppe is one of Germany's largest independent insurance brokers and risk consultants, providing property, casualty, and liability coverage to commercial clients. It directly mirrors Wurmtal's independent-broker positioning under §34d GewO and serves a comparable SME/mid-market customer base.
• GGW Group: GGW Group is a German independent insurance broker providing property, casualty, and benefits advisory to mid-market clients. It shares Wurmtal's §34d-licensed independent-broker model and SME focus, making it a directly comparable peer.
• MRH Trowe: MRH Trowe is a German independent insurance broker and risk manager focused on mid-sized enterprises, offering property, casualty, and specialty lines. It competes in the same independent-broker niche as Kehmer and Gondolf, with overlapping verticals including real-estate and professional services.
• Ecclesia Group: Ecclesia Group is a large German independent insurance broker specializing in property, liability, and specialty risks for institutions, healthcare, and corporate clients. It is a comparable independent-broker peer, particularly in the healthcare and dental-practice segments that Gondolf serves.
• A.S.I. Wirtschaftsberatung: A.S.I. Wirtschaftsberatung is a German independent financial services and insurance broker focused on professional and executive clients. It is a comparable independent broker with overlapping SME/professional customer segments and similar recurring-commission economics.
• Helmsauer Gruppe: Helmsauer Gruppe is a German insurance broker and financial services provider with a long history, serving commercial and private clients with property and specialty coverage. Comparable to Wurmtal in scale and customer mix, particularly in regional property and casualty lines.
• BAVARIA Wirtschaftsagentur: BAVARIA Wirtschaftsagentur is a German insurance broker focused on commercial property and specialty coverage for SMEs. It is a comparable independent broker with a similar regional, owner-led profile.

Broad incumbents

• Willis Towers Watson Germany: WTW is a global advisory and brokerage firm with German operations covering property, casualty, and risk management. It competes with Wurmtal's brokers for mid-sized commercial property and specialty business, though at much larger scale and broader scope.
• Aon Germany: Aon is a global insurance brokerage and advisory firm with a substantial German operation serving mid-market and large corporate clients. It overlaps with Wurmtal's brokerage activities as a much larger incumbent competing for the same property and casualty mandates.
• Marsh Germany: Marsh is a global insurance broker and risk advisor with a sizable German practice focused on corporate property, casualty, and specialty lines. It is a broad incumbent competing against Wurmtal's subsidiaries for mid-market and larger commercial accounts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks4 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wurmtal Beteiligungen