Gallagher has acquired a majority share in the Istanbul-based specialty broker Brokers’ House.
A 25-person team, Brokers’ House is a commercial insurance and facultative reinsurance broker that provides a suite of commercial and specialty lines including property, financial lines, energy, engineering, and marine cargo.
Following the deal, Brokers’ House leaders Gündüz Tezel and Levent Özbilen will remain with the business. The deal also gives Gallagher its first direct presence in Turkey, and establishes a footprint for the company in a growing strategic insurance hub between Asia and Europe. Brokers’ House will also benefit from the deal by becoming part of a global business; it will rebrand to Gallagher in the coming months.
Gallagher and Brokers’ House have an existing relationship, as the latter has been a part of Gallagher’s Global Network partners since 2014.
“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,” said Gallagher global broking in EMEA chairperson Vyvienne Wade.
Wade added that the Brokers’ House team’s reputation for providing clients with innovative brokerage services is “second to none” and mirrors Gallagher’s 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.”
“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,” said Gallagher global broking EMEA CEO Simon Matson.
“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,” said Brokers’ House CEO Gündüz Tezel. “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.”
