Global insurance brokerage Arthur J. Gallagher & Co. has acquired a majority stake in Turkish specialty broker Brokers’ House (BH Sigorta ve Reasürans Brokerligi A.S.).

The financial terms of the deal were not revealed.

Brokers’ House, which is based in Istanbul, is a commercial insurance and facultative reinsurance broker. It is said to provide a wide variety of commercial and specialty coverages to its clients.

Among its offerings are property, financial lines, engineering, energy, and marine cargo.

According to Arthur J. Gallagher, since 2014, Brokers’ House has been a Gallagher Global Network partner. The Turkish firm’s current leadership team comprising Gündüz Tezel and Levent Özbilen will continue with the business.

J. Patrick Gallagher, Jr. — Chairman, President, and CEO said: “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.

“We look forward to working more closely with Gündüz, Levent and their colleagues to expand their client product and service offerings.”

  Arthur J. Gallagher, Arthur J. Gallagher & Co., Brokers’ House, Gündüz Tezel, Insurance acquisition news, Insurance industry news, J. Patrick Gallagher, Levent Özbilen, Turkey