Howden, part of Hyperion Insurance Group, today announced that 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. 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 Izmir. 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 UAE and Oman.
David Howden, CEO of Hyperion and Howden, 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.”
Atinc Yilmaz, Regional CEO, Howden TMEA, added: “ACP’s impressive growth track record and their position as one of the top insurance brokers in this highly competitive market clearly show the quality of their team and strong client focus. Combined with Howden’s strength and expertise in international markets, our joint forces will help accelerate our growth in Turkey and the wider TMEA region.”
On behalf of ACP shareholders, Mr Cem Pekkutlucan commented: “We are 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.”
On behalf of Mediterra Capital who exited from ACP following the sale of its shares to Howden, Mr Ahmet Faralyali commented: “Over the last four years, in partnership with Cem Pekkutlucan and Erdal Seferbay we have built the leading independent insurance broker in Turkey. All of the team at ACP has worked very hard to achieve this milestone and their new venture with Howden will pave the way for future growth and improved service for ACP’s loyal and increasingly 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.