Global insurance brokerage, risk management and consulting firm Gallagher has increased its stake in ACE Gallagher Holding, a leading insurance brokerage in the Middle East and Africa that is majority owned by MIG Holding, from 30% to 49%.
ACE Gallagher, which supports businesses with risk management and insurance solutions, is reportedly a “pioneer” in the MEA regional insurance industry.
Gallagher explained that the firm has roots dating back to 1952 and 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 & gas, financial lines and property risks and employs over 300 risk professionals.
Simon Matson, Executive Vice President, Gallagher Global Broking, commented, “This further investment in the Middle East and in our partnership with MIG Holding Ltd 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.”
Nagib Bahous, President of MIG Holding Ltd and Chairman of ACE Gallagher Holding, said, “Gallagher’s decision to increase its investment is 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.”
