Howden, part of Hyperion Insurance Group, has agreed to acquire a majority stake in insurance broker ACP from private equity fund Mediterra Capital and existing management shareholders.

Headquartered in Istanbul, ACP provides medical coverage, employee benefits, corporate liability, property and construction risk services.

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Howden, which has presence in Istanbul since 2012, expects the acquisition to enable it emerge as one of the Turkey’s largest insurance brokers with new offices in Ankara, Bursa and Izmir.

The acquired entity will be part of Howden’s Turkey, Middle East and Africa (TMEA) region, which has 12 offices in 12 regions including Turkey, the UAE and Oman.

Hyperion and Howden CEO David Howden said: “I am delighted that ACP’s management team has chosen to become part of the Hyperion Insurance Group. This is a truly transformative transaction for Howden in Turkey and a key strategic milestone for us in the TMEA 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.”

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Howden TMEA regional CEO Atinc Yilmaz said: “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.

“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.”

GRC Howden, the reinsurance brokerage operation in Turkey, will continue to operate independently and continue to service its insurer and other business partners.

The transaction is scheduled to be completed during the first half of 2018.