Acquisition of a significant stake in Alpha Lloyds Insurance Broker LLC
SIACI SAINT HONORE Group announces the acquisition of a significant stake in Alpha Lloyds Insurance Broker LLC. United by a common business and team culture, the two groups signed the agreement on the 20th December of 2016. The operation is subject to approval from the regulatory authorities in the UAE and the Kingdom of Saudi Arabia.
Alpha Lloyds is a leading independent insurance broker in Dubai, Abu Dhabi and Saudi Arabia, which business is focused on the development of P&C and Health Insurance. The firm has currently around 40 employees and reported turnover of AED 10 million / € 2.5 million in 2015 (70% in Emirates and 30% in Saudi Arabia), based on significant contracts with major partners.
“We are very pleased to welcome the Alpha Lloyds brand and their team into our organization and solidify our presence and commitment to grow in the Middle East. The Gulf region is a key location in the insurance market, and thanks to its welcoming economic and legal environment, Dubaï is the place where to locate our brokerage platform in the region..” said Pierre Donnersberg, Siaci group’s Chairman.
“After starting Alpha Lloyds 10 years ago, we are pleased to step up to the next stage by joining SIACI SAINT HONORE an international group, full of talent and ambition. We believe that together we shall develop a major regional leader in the Gulf countries and compete efficiently with international brokers”, Khaldoun Khartabil, Alpha Lloyds’CEO, added.
The new group will rely on the international know how of SIACI SAINT HONORE and its large, experienced teams both in P&C and Health Insurance, and on the deep knowledge and network of Alpha Lloyds leadership team in the region. Khaldoun Khartabil stays as CEO and Marwan Al Garem, co founder, as Executive Board Director.
“We are proud to have brought Alpha Lloyds up to this level of recurring success and growth over the past few years, and will stay as companions of its future progress” said Mr Saleh Saeed Lootah, Chairman of the Lootah Holding, so far majority shareholder of Alpha Lloyds.
“We think that this key build up will trigger a new step forward for us, especially on the segments (Construction/CAR, Marine and Cargo, Health….) where we hold leading positions, which are major ones on the Emirates and Saudi markets» commented Hervé Houdard, SIACI SAINT HONORE’s CEO.
The operation is pending approval from Emirates and Saudi authorities.
About SIACI SAINT HONORE
SIACI SAINT HONORE GROUP, one of the leading providers of brokerage and consulting services in the French insurance market, supports large and mid-cap companies in the management of their property and personal insurance risks in France and around the world. The Group designs and develops customized solutions for its corporate clients in Property & Casualty, Marine, Employee Benefits, Retirement, HR Strategy & Total Rewards and International Mobility (through its subsidiary MSH International). SIACI SAINT HONORE’s services encompass the entire value chain from risk management consulting to the management of insurance plans. The firm has currently more than 2,000 employees worldwide, insures 2.2 million individuals in France, more than 300,000 abroad and reported turnover of €269 million in 2015.