Arthur J. Gallagher to acquire 30% stake in MENA insurance broker ACE
Arthur J. Gallagher & Co. has agreed to acquire a 30% stake in ACE, a Middle East & North Africa (MENA) specialist insurance broker, from MIG Holding Ltd (MIG Group), for an undisclosed price.
MIG Group will retain a stake of 70% in ACE.
Since 1952, ACE has been operating as an insurance, reinsurance, and employee benefits broker. The company has operations across seven countries.
It particularly has expertise in aviation, construction, real estate, financial lines, oil and gas, and property risks.
J. Patrick Gallagher, Jr. – Chairman, President, and CEO of Arthur J. Gallagher said: “Our strategic investment in ACE enhances Gallagher’s international presence in the Middle East and expands our insurance and reinsurance capabilities across the region.
“We look forward to working with Nagib and his associates, and are excited about the many growth opportunities this partnership offers.”
The deal will be subject to the required regulatory approvals.