Gallagher acquires majority stake in Turkish broker

Arthur J. Gallagher & Co said Thursday it has acquired a majority stake in Turkey-based specialty broker BH Sigorta ve Reasürans Brokerligi A.S., which does business as Brokers’ House.

Terms of the transaction were not disclosed.

Based in Istanbul, Brokers’ House has 26 employees and is a commercial insurance and facultative reinsurance broker that offers property, financial lines, energy, engineering and marine cargo coverages.

Brokers’ House CEO Gündüz Tezel and Chief Financial Officer Levent Özbilen will remain with the business, Rolling Meadows, Illinois-based Gallagher said in a statement.