Gallagher today announced that it has acquired a majority stake in Brokers’ House, a specialty broker based in Istanbul. Details of the transaction will not be disclosed. Brokers’ House is a commercial insurance and facultative reinsurance broker offering a broad range of commercial and specialty lines including property, financial lines, energy, engineering, and marine cargo. The business has 25 employees and is headquartered in Istanbul.
Gallagher and Brokers’ House have an existing relationship as the firm has been one of Gallagher’s Global Network Partners since 2014. The current leadership team of Gündüz Tezel and Levent Özbilen will remain with the business.
This acquisition will see Gallagher’s first direct presence in Turkey and gave the company a footprint in a growing strategic insurance hub between Asia and Europe. Brokers’ House will benefit of becoming part of a global business, helping scale up the firm significantly and the agreement will give clients access to a larger suite of insurance products and services. The business will rebrand to Gallagher in the coming months.
Vyvienne Wade, Chairperson of Gallagher Global Broking in Europe, Middle East, & Asia, commented: “We are delighted to agree this transaction with Gündüz, Levent and the team at Brokers’ House. Turkey is increasingly recognised as an important and growing economic powerhouse and this acquisition gives us a springboard to growth in the region, which is home to industry sectors that closely align with our specialties. The team’s reputation for providing clients with leading and innovative brokerage services is second to none and mirrors our own commitment to delivering great customer outcomes. We have enjoyed a very good relationship with the business as one of our Global Network partners and this agreement is the natural next step. The bringing together of their talented workforce and the global scale and reach of Gallagher gives us an enviable platform for further expansion.”
Simon Matson, CEO of Gallagher Global Broking in Europe, Middle East and Asia, added: “Our international expansion story continues to be one of investing in economies where we can see a strong opportunity for growth, complementary to our specialisms, and where we find a partner who is aligned culturally with Gallagher. This agreement with Brokers’ House creates an exciting opportunity in a growing insurance market, and we are delighted to welcome the team to Gallagher.”
Gündüz Tezel, CEO of Brokers’ House, added: “For Levent and my colleagues at Brokers’ House, we have been great admirers of Gallagher and now to be part of the business feels like we have come home. In our own way, we have always strived in doing things the right way, and reflect Gallagher’s principles. We are delighted to represent Gallagher in Turkey and in turn present our home to the world. Gallagher’s investment in Turkey is a clear sign of the opportunities in our country and region. We extend our thanks to Huntington Partners, our advisors, for their support in making this happen.”