Arthur J. Gallagher & Co. Acquires Majority Stake in Brokers' House
Rhea-AI Summary
Arthur J. Gallagher & Co. has acquired a majority stake in the Turkish specialty broker Brokers' House. The transaction details remain undisclosed. Brokers' House operates in Istanbul, offering a variety of commercial insurance and facultative reinsurance services, and has been a Gallagher Global Network partner since 2014. Key executives Gündüz Tezel and Levent Özbilen will continue with the company. This acquisition presents Gallagher with a strategic opportunity to enter the Turkish specialty market, with an emphasis on expanding client offerings in collaboration with the existing team.
Positive
- Strategic entry into the Turkish specialty broking market.
- Existing relationship with Brokers' House since 2014 facilitates smooth integration.
- Leadership continuity with current team to support operational stability.
Negative
- None.
News Market Reaction – AJG
On the day this news was published, AJG declined 0.53%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ROLLING MEADOWS, Ill., Aug. 12, 2021 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that it has purchased a majority stake in Turkish specialty broker Brokers' House (BH Sigorta ve Reasürans Brokerligi A.S.). Terms of the transaction were not disclosed.
Based in Istanbul, Brokers' House is a commercial insurance and facultative reinsurance broker offering clients a broad range of commercial and specialty coverages, including property, financial lines, energy, engineering and marine cargo. Brokers' House has been a Gallagher Global Network partner since 2014. The current leadership team of Gündüz Tezel and Levent Özbilen will remain with the business.
"This is a unique opportunity for Gallagher to directly enter the Turkish specialty broking market with a team that is already well known to us," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to working more closely with Gündüz, Levent and their colleagues to expand their client product and service offerings."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 57 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Investors: Ray Iardella | Media: Linda J. Collins |
VP – Investor Relations | VP – Corporate Communications |
630-285-3661/ ray_iardella@ajg.com | 630-285-4009/ linda_collins@ajg.com |
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SOURCE Arthur J. Gallagher & Co.
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