Gallagher launches new insurance business via acquisition to ‘supercharge’ EMEA growth
Global re/insurance broker Gallagher has launched a new specialty and facultative business in the Dubai International Financial Centre (DIFC), in a move to “supercharge” its growth and presence across the Middle East and Africa market. The expansion includes acquisition of majority shareholding in ACE Re and creation of a new insurance team comprising executives from Aon and Willis Towers Watson.
Gallagher has acquired a majority share (51%) of ACE Re (DIFC), with MIG Holdings retaining the remaining minority share of 49%.
Following the deal, ACE Re team and its clients will move into the new business and trade as Gallagher. The business expects to benefit from Gallagher and MIG Group’s strategic partnership in ACE Gallagher across the Middle East region.
The new business will be headed up by Nadim Semaan, who has been appointed as senior executive officer, subject to regulatory approval. Semaan has extensive local experience in the region having been a partner in Gallagher’s UK based global energy team for the last four years with responsibility for supporting existing clients and developing new business in MEA.
Other senior members of the newly established team will include Julian Samengo-Turner who has joined from Willis DIFC as head of Middle East & Africa; Daniel Miller who has joined from Aon as divisional director of financial lines; Alastair Climie who has joined from WTW as director of natural resources; James Excell who will join as regional director for Sub-Saharan Africa from WTW, and Ziad Seifeddine who also joins from WTW as divisional director of specialty lines.
Furthermore, Nick Peters and Bard Poulsson will move from Gallagher’s London-based specialty team to lead the marine practice, and Elie Abboud of ACE Re will take on a new role as divisional director of business development.
Gallagher’s acquisition of Willis Re in December included a treaty reinsurance team of 10 in the DIFC, that will be based with the Gallagher team. The treaty team will continue to be led by Chems-Eddine Kassali as head of MENA and will be part of the Gallagher Re global business.
Gallagher said the move will enable it to further expand and maximise the growth opportunities available in the region. It currently has operations in Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait and Lebanon.
“The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see,” said Semaan, who will be taking the helm of Gallagher's new operations in the MEA.
“Having a Gallagher specialty and facultative reinsurance team being based in the region really opens up the availability of insurance options for regional and multinational clients, and I am extremely pleased with the level of talent we have already recruited, all of whom will play an important role in our growth journey.”
Vyvienne Wade (pictured), chairperson of Gallagher Global Broking in Europe, Middle East, & Asia, added: “We continue to invest in our EMEA presence, and the launch of our business in DIFC will supercharge our MEA offering. Nadim, the existing ACE Re team and our new joiners all have in-depth knowledge of the specialty and facultative insurance market and make a truly talented team together with the treaty team we acquired from Willis Re last year.”
Nagib Bahous, president and CEO of MIG Holdings, commented: “Our partnership with Gallagher goes from strength to strength. I am delighted that we have further cemented our relationship through this next step which sees Gallagher take a majority share in ACE Re, and the existing team and clients become part of the new Gallagher business. We look forward to working with the wider team in Gallagher to continue to expand the services we offer to our clients across the region.”
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