MIG Holding (MIG Group), a leading regional insurance investment group, and Gallagher, one of the world's largest insurance broking and risk management firms, have agreed on a strategic partnership which will see them jointly develop their presence in the MENA region.
Under the agreement, Gallagher will take a minority interest of 30% in Middle East & North Africa specialist insurance broker ACE. MIG retains a 70% stake.
The pact will see MIG Group and Gallagher become strategic partners in the three ACE Saudi entities and in ACE Holding WLL (ACE) which operates in Bahrain, UAE, Oman, Kuwait, Lebanon and Greece. The acquisitions are subject to the necessary regulatory approvals.
MIG Group is a pioneer in the MENA regional insurance industry, with roots dating back to 1952 when it started an insurance broking business in Saudi Arabia. The Group today holds investments in insurance related businesses in the Middle East.
Founded by Arthur J Gallagher in Chicago in 1927, Gallagher is one of world’s leading insurance broking, risk management and consultancy companies.
“This partnership will enhance the international reach and capabilities of ACE and will support our expansion plans,” said Mr Nagib Bahous, president and CEO of MIG Holding.
Mr J Patrick Gallagher, Jr, chairman, president and CEO of Gallagher, said, “Our strategic investment in ACE enhances Gallagher’s international presence in the Middle East and expands our insurance and reinsurance