Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. announced it has purchased a majority stake in Turkish specialty broker Brokers' House (BH Sigorta ve Reasurans Brokerligi A.S.). Terms of the transaction were not disclosed.

Based in Istanbul, Brokers' House is a commercial insurance and facultative reinsurance broker offering clients a broad range of commercial and specialty coverages, including property, financial lines, energy, engineering and marine cargo. Brokers' House has been a Gallagher Global Network partner since 2014. The current leadership team of Gunduz Tezel and Levent Ozbilen will remain with the business.

"This is a unique opportunity for Gallagher to directly enter the Turkish specialty broking market with a team that is already well known to us," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to working more closely with Gunduz, Levent and their colleagues to expand their client product and service offerings."

Arthur J. Gallagher & Co. is headquartered in Rolling Meadows, Illinois. The company has operations in 57 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. In the CEE, Arthur J. Gallagher & Co. is operating through the regional broker Renomia, based in the Czech Republic and active on several markets in the region.