Howden, part of Hyperion Insurance Group, has entered into a definitive agreement to acquire a majority stake in ACP, a leading insurance broker in Turkey and the largest independent broker in the market.
The stake is sold by private equity fund Mediterra Capital and existing management shareholders, said Howden in a statement which does not elaborate on further details of the deal. The transaction was expected to close in the first half of April 2018.
Howden has had a presence in Istanbul since 2012 and the acquisition brings increased reach with offices in Ankara, Bursa and Izmir. The business will be part of Howden’s Turkey, Middle East and Africa (TMEA) region, which has 12 offices in 12 territories, including the UAE and Oman.
Mr David Howden, CEO of Hyperion and Howden said, “This is a truly transformative transaction for Howden in Turkey and a key strategic milestone for us in the TMEA region. As a group, we are committed to investing in high growth, dynamic economies such as Turkey. ACP’s strong expertise and excellent reputation in the local insurance market will significantly improve our offering to clients across the region.”
Mr Atinc Yilmaz, regional CEO, Howden TMEA added, “ACP’s impressive growth track record and their position as one of the top insurance brokers in this highly competitive market clearly show the quality of their team and strong client focus. Combined with Howden’s strength and expertise in international markets, our joint forces will help accelerate our growth in Turkey and the wider TMEA region.”
On behalf of ACP shareholders, Mr Cem Pekkutlucan said, “Howden’s international experience will complement our own market knowledge and add global reach”.
Founded in 1994 and headquartered in Istanbul, ACP offers expertise in insurance and reinsurance to over 500 corporate and over 150,000 individual customers, managing a risk portfolio in excess of $25bn. It offers additional services for clients in risk, insurance policy management and post-policy period and with their international expertise are able to provide cover for risks which are not typically included in the Turkish insurance market.
GRC Howden, the reinsurance brokerage operation in Turkey, will remain independent. M