U.K.-based insurance and reinsurance brokerage company Howden, part of Hyperion Insurance Group, announced Friday it has entered into a definitive agreement to acquire a majority stake in insurance broker ACP from private equity fund Mediterra Capital and existing management shareholders, a statement by the company said. Headquartered in Istanbul, ACP is a leading insurance broker in Turkey and the largest independent broker in the market.
Howden has had a presence in Istanbul since 2012 and the acquisition brings increased reach with offices in Ankara, Bursa and İzmir. The business will be part of Howden's Turkey, Middle East and Africa (TMEA) region, which has 12 offices in 12 territories including Turkey, the United Arab Emirates (UAE) and Oman, the company said.
"I am delighted that ACP's management team has chosen to become part of the Hyperion Insurance Group. This is a truly transformative transaction for Howden in Turkey and a key strategic milestone for us in the TMEA region. As a group we are committed to investing in high growth, dynamic economies such as Turkey. ACP's strong expertise and excellent reputation in the local insurance market will significantly improve our offering to clients across the region," David Howden, CEO of Hyperion and Howden, said.
ACP's impressive growth record and its position as one of the top insurance brokers in the highly competitive market clearly show the quality of its team and strong client focus, Atinç Yılmaz, regional CEO, Howden TMEA, said, adding that combined with Howden's strength and expertise in international markets, their joint forces will help accelerate our growth in Turkey and the wider TMEA region.
On behalf of ACP shareholders, ACP Board Member Cem Pekkutlucan said they were excited to become part of such an important global insurance player. "Howden's international experience will complement our own market knowledge and add global reach," he added.
The statement by the company also read that Ahmet Faraylı, on behalf of Mediterra Capital, which exited from ACP following the sale of its shares to Howden, said they have built the leading independent insurance broker in Turkey over the last four years.
Farayalı also sighted the ACP's new venture with Howden will pave the way for future growth and improved services for ACP's loyal and increasing international customer base.
"GRC Howden [
the reinsurance brokerage operation in Turkey] will remain independent and continue to service its insurer and other business partners. The transaction is expected to close in the first half of April 2018," the statement said.