Gallagher takes majority stake in ACE Gallagher’s Saudi reinsurance business
After expanding its stake in ACE Gallagher last week, Gallagher has now also upped its stake in the group’s Saudi reinsurance business.
Operating as ACE Re Gallagher Arabia Reinsurance Brokers, the business provides reinsurance services to clients across Saudi Arabia. Initially launched as a joint venture between Gallagher and regional player ACE, the US-headquartered group has now confirmed it has acquired a majority stake in the Saudi business.
The deal comes hot on the heels of Gallagher lifting its stake in parent ACE Gallagher from 30% to 49%. ACE Gallagher supports businesses with risk management and insurance solutions and has more than 300 professionals across 6 countries in the region.
Commenting on the Saudi deal, Yolla El Khoury, CEO of ACE Gallagher, stated: “What began as a successful partnership has evolved into a more integrated regional model. Consolidating our specialty and reinsurance operations enables us to move forward with a unified vision, enhanced capabilities, and a platform designed for long-term growth across the Middle East.”
The ACE Re Gallagher Arabia Reinsurance Brokers team will join forces with Gallagher’s own speciality and reinsurance arm, which has grown to a team of more than 100 (re)insurance and risk professionals in the last four years. Key areas of focus for the reinsurance business include aerospace, cyber, construction, financial lines, marine, natural resources, power, and property.
Nadim Semaan, CEO of Gallagher in the Middle East & Africa, said: “This investment in Saudi Arabia marks a significant new milestone in Gallagher’s journey across the Middle East. I’m delighted to welcome the ACE Re Gallagher team into our specialty and reinsurance business.”
“Saudi Arabia is a dynamic market undergoing significant expansion, and our global expertise, coupled with deep local knowledge, enables us to better support businesses across the Kingdom with their (re)insurance and risk management needs.”
Founded in 1927, Gallagher has offices in more than 130 countries around the world.
