Gallagher has acquired a specialty and facultative reinsurance business in the Dubai International Finance Centre to support clients across the Middle East and Africa. It has taken a 51% stake in ACE Re Ltd (DIFC). MIG Group retains the remaining 49% of the shares. The ACE Re (DIFC) team and clients will move into the new business and trade as Gallagher going forward.

Nadim Semaan will lead the new business. He said: “Having grown up and been educated in the region, as well as having led Gallagher’s UK energy practice in MEA, I am very familiar with the challenges and opportunities for businesses operating in the region.

“The launch of our business in the DIFC is a key milestone in Gallagher’s continued growth story and the opening of an on-the-ground presence demonstrates the excellent opportunities we see.”

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