Arthur J. Gallagher has acquired a majority stake in speciality broker Brokers’ House to expand its footprint in the Turkish market.
The financial value of the deal was not disclosed.
Domiciled in Istanbul, Brokers’ House is a commercial insurance and facultative reinsurance broker.
It offers a wide range of commercial and speciality coverages such as property, financial lines, energy, engineering, and marine cargo.
Founded in 2010, Brokers’ House has been Arthur J. Gallagher’s global network partner since 2014.
Broker’s current leadership team of Gündüz Tezel and Levent Özbilen will not see any immediate changes.
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Gallagher jr. chairman, president and CEO J. Patrick Gallagher said: “This is a unique opportunity for Gallagher to directly enter the Turkish speciality broking market with a team that is already well known to us. We look forward to working more closely with Gündüz, Levent and their colleagues to expand their client product and service offerings.”
Last month, the American insurance broker was in news for calling off the proposed acquisition of certain assets of Willis Towers Watson (WTW) following the termination of the Aon-WTW merger.
The deal was aimed at addressing concerns raised by the European Commission and regulators in other countries.
In the same month, Arthur J. Gallagher acquired the remaining stake in Edelweiss Gallagher Insurance from Indian partner Edelweiss Financial.