Howden is about to get bigger in Turkey.
The retail broking arm of Hyperion Insurance Group is acquiring a majority stake in Istanbul-headquartered ACP to expand Howden’s existing presence in Turkey and become one of the country’s largest insurance brokers. The deal is expected to be completed before mid-April.
“I am delighted that ACP’s management team has chosen to become part of the Hyperion Insurance Group,” said Hyperion and Howden chief executive David Howden. “This is a truly transformative transaction for Howden in Turkey and a key strategic milestone for us in the TMEA (Turkey, Middle East, and Africa) 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.”
Outside Istanbul, ACP – the biggest independent broker in the market – also has offices in Ankara, Bursa, and Izmir.
“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,” commented Atinc Yilmaz, regional chief executive for Howden TMEA. “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.”
The majority interest was snapped up from existing management shareholders, who are “excited to become part of such an important global insurance player,” as well as private equity fund Mediterra Capital. “Howden’s international experience will complement our own market knowledge and add global reach,” said ACP chief executive Cem Pekkutlucan, who spoke on behalf of shareholders.