Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced that it has agreed to a strategic partnership with MIG Holding Ltd. (MIG Group), which will see the company take a minority interest in Middle East & North Africa (MENA) specialist insurance broker ACE Broker, an MIG Group subsidiary.
Subject to the necessary regulatory approvals, Gallagher will take a 30% minority interest in the ACE entities and MIG Group will retain a 70% interest.
With a history dating back to 1952, ACE is an insurance, reinsurance and employee benefits broker with operations in seven countries and particular expertise in aviation, real estate, construction, oil & gas, financial lines and property risks. ACE is based in Riyadh, Saudi Araba.
Under the direction of Nagib Bahous, president and CEO of Dubai-based MIG Group, ACE’s team of over 240 employees operate from offices across Saudi Arabia, as well as in 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 CEO. “We look forward to working with Nagib and his associates, and are excited about the many growth opportunities this partnership offers.”
Source: Arthur J. Gallagher & Co.
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