Re/insurance broker Arthur J. Gallagher & Co. has announced its investment in specialist insurance broker ACE, via a strategic partnership with MIG Holding Ltd.
The partnership will see AJ Gallagher take a minority interest in Middle East & North Africa (MENA) specialist insurance broker ACE.
Under the terms of the arrangement, AJ Gallagher will take a 30% minority interest in the ACE entities and MIG Group will retain a 70% stake.
ACE is an insurance, reinsurance and employee benefits broker with operations in seven countries and a particular focus on aviation, real estate, construction, oil & gas, financial lines and property risks.
Led by President and CEO of MIG Group, Nagib Bahous, ACE’s team of more than 240 employees operate from offices across Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, Oman, Greece, and Lebanon.
“Our strategic investment in ACE enhances Gallagher’s international presence in the Middle East and expands our insurance and reinsurance capabilities across the region,” said J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer (CEO).
“We look forward to working with Nagib and his associates, and are excited about the many growth opportunities this partnership offers.”