(MENAFN - Mid-East.Info) Regional and international insurance pioneers sign agreement to become partners in ACE Nagib Bahous, President and CEO of MIG Holding Ltd
Dubai:�MIG Holding Ltd (MIG Group), a leading regional insurance investment group, and Gallagher, one of the world's largest insurance broking and risk management firms, have agreed a strategic partnership which will see them jointly develop their presence in the MENA region.
The agreement 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, United Arab Emirates, Oman, Kuwait, Lebanon and Greece. Subject to the necessary regulatory approvals, Gallagher will take a 30% interest in ACE and MIG Group will retain a 70% interest.
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 the Kingdom of Saudi Arabia. With unparalleled experience developed over the past seven decades, the MIG Group today holds investments in insurance related businesses within the Middle East. This experience and history of association with major international organisations, gives the MIG Group and its companies unparalleled local prominence with direct access to the global insurance markets.
Founded by Arthur J. Gallagher in Chicago in 1927, Gallagher is one of world's leading insurance broking, risk management and consultancy companies. With significant reach internationally, Gallagher employs over 30,000 people. It has operations in 56 countries and offers client-service capabilities in more than 150 countries around the world through a network of brokers and consultants.
'We are glad to have been able to reach this landmark agreement with Gallagher, a professional, ethical and reputable global insurance brokerage, at such challenging times, when the world economies and markets are negatively impacted with the COVID 19 crisis. This partnership will enhance the international reach and capabilities of ACE and will support our expansion plans.' said Nagib Bahous, President and CEO of MIG Holding Ltd.
'Our strategic investment in ACE enhances Gallagher's international presence in the Middle East and expands our insurance and reinsurance capabilities across the region,' said J. Patrick Gallagher, Jr., Chairman, President and CEO. 'We look forward to working with Nagib and his associates, and are excited about the many growth opportunities this partnership offers.'MENAFN19042021005446012082ID1101943728
