Global insurance brokerage, risk management and advisory company Gallagher has increased its stake in ACE Gallagher Holding, a leading insurance brokerage in the Middle East and Africa, majority-owned by MIG Holding, from 30% to 49%.
ACE Gallagher provides risk management and insurance solutions to businesses and is reported to be a “pioneer” in the insurance industry in the Middle East and Africa region.
Gallagher explained that the company dates back to 1952 and has offices in the Kingdom of Saudi Arabia, Bahrain, the United Arab Emirates (UAE), Oman, Kuwait, Lebanon and Greece.
The global insurance brokerage added that ACE Gallagher has expertise in aviation, real estate, construction, oil and gas, financial operations and property risks and employs more than 300 risk professionals.
Simon Matson, executive vice president at Gallagher Global Broking, commented: “Further investment in the Middle East and our partnership with MIG Holding Ltd demonstrates our commitment to the region where we see significant growth opportunities for Gallagher.
“The increase in our shareholding will enable us to work even more closely with the ACE Gallagher team and, together with our specialty and reinsurance businesses, we will be able to truly provide the most comprehensive range of insurance knowledge, expertise and advice to companies in the region.”
Nagib Bahous, President of MIG Holding Ltd and Chairman of ACE Gallagher Holding, said: “Gallagher’s decision to increase investment is a strong endorsement of our established business and the opportunities we see together in the Middle East and Africa.
“Over the past four years, our partnership has combined deep regional knowledge with world-class global expertise to create a platform that delivers exceptional value to our customers.
“This agreement further strengthens our relationship and enables ACE Gallagher to accelerate its growth, expand its capabilities and provide clients with greater access to expertise, innovative risk solutions and international markets.”
