Howden, part of the Hyperion Insurance Group, has announced that it plans to purchase a majority stake in ACP, Turkey’s largest independent re/insurance broker.
The transaction will considerably expand Howden’s operations in Turkey, adding sites in Ankara, Bursa, and Izmir to the company’s existing office in Istanbul, which was established in 2012.
Following the deal, ACP will become part of Howden’s Turkey, Middle East and Africa (TMEA) region, which currently spans 12 offices across 12 territories, including Turkey, the United Arab Emirates (UAE), and Oman.
Howden have agreed to acquire the shares from private equity fund Mediterra Capital and from existing management shareholders.
David Howden, Chief Executive Officer (CEO) of Hyperion and Howden, said: “I am delighted that ACP’s management team has chosen to become part of the Hyperion Insurance Group. This is a truly transformative transaction for Howden in Turkey and a key strategic milestone for us in the TMEA region.
“As a group we are committed to investing in high growth, dynamic economies such as Turkey. ACP’s strong expertise and excellent reputation in the local insurance market will significantly improve our offering to clients across the region.”
Atinc Yilmaz, Regional CEO, Howden TMEA, added: “ACP’s impressive growth track record and their position as one of the top insurance brokers in this highly competitive market clearly show the quality of their team and strong client focus.
“Combined with Howden’s strength and expertise in international markets, our joint forces will help accelerate our growth in Turkey and the wider TMEA region.”
Cem Pekkutlucan, Board Member and Founding Partner of ACP, also commented on behalf of shareholders: “We are excited to become part of such an important global insurance player. Howden’s international experience will complement our own market knowledge and add global reach.”
Mediterra Capital exited from ACP following the sale of its shares to Howden, and Ahmet Faralyali, the company’s Co-Founder and Managing Partner, commented: “Over the last four years, in partnership with Cem Pekkutlucan and Erdal Seferbay we have built the leading independent insurance broker in Turkey.
“All of the team at ACP has worked very hard to achieve this milestone and their new venture with Howden will pave the way for future growth and improved service for ACP’s loyal and increasingly international customer base.”
GRC Howden, the reinsurance brokerage operation in Turkey, will remain independent and continue to service business partners as usual following the acquisition, which is expected to be completed in April 2018.
