Global insurance broker Gallagher has increased its stake in ACE Gallagher Holding, one of the largest insurance broking firms in the Middle East and Africa (MEA), from 30% to 49%, according to a company press release.
MIG Holding will retain majority ownership of ACE Gallagher, with which Gallagher first entered into a partnership in 2021.
ACE Gallagher provides risk management and insurance solutions to businesses across the Middle East and Africa. Founded in 1952, the firm has offices in Saudi Arabia, Bahrain, the United Arab Emirates, Oman, Kuwait, Lebanon, and Greece. Its expertise spans aviation, real estate, construction, oil and gas, financial lines, and property risks. The company employs more than 300 risk professionals.
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Nagib Bahous, president of MIG Holding Ltd. and chairman of ACE Gallagher Holding, said the deal reinforces the partnership’s strategic direction.
“Over the past four years, our partnership has combined deep regional knowledge with world-class global expertise, creating a platform that delivers exceptional value to clients,” he said. “This agreement further strengthens our relationship and positions ACE Gallagher to accelerate its growth, expand its capabilities, and provide clients with even greater access to specialist expertise, innovative risk solutions, and international markets.”
The increased investment comes as insurance markets across the Gulf continue to expand. Industry data show listed GCC insurers reported double-digit revenue and profit growth in the first quarter of 2026, supported by rising insurance demand, stronger underwriting performance, and ongoing economic development projects across the region.
Demand for insurance products has also been supported by economic diversification programs, particularly in Saudi Arabia and the UAE. Large-scale infrastructure, tourism, manufacturing, and energy projects have increased demand for property, construction, liability, and specialty insurance coverage, while regulatory reforms and digitalization initiatives have helped broaden insurance penetration across several markets.
Across Africa, insurers continue to view the region as a long-term growth opportunity. Industry outlooks, including the Deloitte Africa Insurance Outlook 2025/26, highlighted the potential arising from digital transformation, regulatory reforms, urbanization, and demographic growth, with insurers seeking to expand coverage in markets where insurance penetration remains relatively low compared with global averages.
“This further investment in the Middle East and in our partnership with MIG Holding Ltd demonstrates our commitment to the region, where we see significant growth opportunities for Gallagher,” said Simon Matson, executive vice president of Gallagher Global Broking, said the move reflects the firm’s broader regional ambitions.
“This increase in our shareholding will see us work increasingly closely together with the team at ACE Gallagher, and alongside our specialist and reinsurance operations, we can truly deliver the most comprehensive insurance knowledge, expertise, and advice to firms across the region.”
The investment deepens Gallagher’s footprint in a market showing sustained growth. Gross written premiums at the Dubai International Financial Centre (DIFC) reached $4.2 billion in 2025, up 20% year-on-year and doubling since 2022, with premiums brokered from the hub crossing $3.4 billion – a 14% increase from 2024. Gallagher Re Ltd. was among the global insurance players cited as deepening their DIFC presence during 2025 and into the first quarter of 2026.
