Arthur J. Gallagher & Co. Invests in Specialist Insurance Broker ACE through Strategic Partnership with MIG Holding Ltd
Arthur J. Gallagher & Co. (AJG) has announced a strategic partnership with MIG Holding Ltd, acquiring a 30% minority interest in specialist insurance broker ACE.
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Rhea-AI Summary
Arthur J. Gallagher & Co. (AJG) has announced a strategic partnership with MIG Holding Ltd, acquiring a 30% minority interest in specialist insurance broker ACE. The deal, subject to regulatory approvals, allows Gallagher to enhance its presence in the Middle East and North Africa (MENA) region. ACE operates in seven countries and specializes in sectors such as aviation, real estate, and oil & gas. CEO Patrick Gallagher, Jr. noted significant growth opportunities from this partnership.
Positive
- Acquisition of a 30% minority stake in ACE enhances Gallagher's MENA presence.
- ACE operates in seven countries, providing Gallagher with access to diverse markets.
- Specialization in aviation, real estate, and oil & gas could drive new revenue streams.
Negative
- None.
Details
News Market Reaction – AJG
The recorded move for AJG in the trading session of this news was -0.39%.
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ROLLING MEADOWS, Ill., April 19, 2021 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today 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.
Subject to the necessary regulatory approvals, Gallagher will take a
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. Under the direction of President and CEO of MIG Group, Nagib Bahous, 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."
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 56 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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