Saudi Arabia’s ACE partners with US-based Gallagher

ACE Insurance and Reinsurance Brokers currently generates around 60 percent of its business from Saudi Arabia, but is hoping that new partnerships with US-based Gallagher Global Brokerage, one of the world’s largest insurance broking and risk management firms, will help boost its presence in the Kingdom and wider region.

Under the agreement, MIG Holding, ACE’s parent company, will take a 70 percent stake in the new entity, while the remaining 30 percent will be retained by Gallagher.