Gallagher, the global insurance brokerage, risk management and consulting firm, has increased its investment in ACE Gallagher Holding, one of the largest and most established insurance broking firms in the Middle East & Africa (MEA).
The firm is majority owned by MIG Holding and this agreement will see Gallagher increase its share from 30% to 49%. The two firms first entered into a partnership in 2021.
ACE Gallagher supports businesses with risk management and insurance solutions and is a pioneer in the MEA regional insurance industry, with roots dating back to 1952 and offices in Kingdom of Saudi Arabia, Bahrain, UAE, Oman, Kuwait, Lebanon and Greece.
It has expertise in aviation, real estate, construction, oil & gas, financial lines and property risks and employs over 300 risk professionals.
Simon Matson, Executive Vice President, Gallagher Global Broking, said: "This further investment in the Middle East and in our partnership with MIG Holding demonstrates our commitment to the region, where we see significant growth opportunities for Gallagher."
"This increase in our shareholding will see us work increasingly close together with the team in ACE Gallagher and alongside our specialist and reinsurance operations we can truly deliver the most comprehensive insurance knowledge, expertise and advice to firms across the region," he stated.
Gallagher is one of the world’s largest brokers and alongside its shareholding in ACE Gallagher it has a well established presence in the DIFC, which it launched in 2022.
Its MEA based specialty and reinsurance teams provide specialty and facultative insurance, advice, and risk management services to clients across industry sectors including aerospace, construction, energy, power & renewables, financial services, and marine.
Nagib Bahous, President of MIG Holding Ltd and Chairman ACE Gallagher Holding, said: "Gallagher’s decision to increase its investment was a strong endorsement of the business we have built and of the opportunities we see together across the Middle East & Africa."
"Over the past four years, our partnership has combined deep regional knowledge with world-class global expertise, creating a platform that delivers exceptional value to clients. This agreement further strengthens our relationship and positions ACE Gallagher to accelerate its growth, expand its capabilities, and provide clients with even greater access to specialist expertise, innovative risk solutions, and international markets," he added.-TradeArabia News Service
