Turkish insurance brokers Omni and GTG join forces
Tie up will also strengthen partner Lockton in Southern Europe
23 October 2015 0:00 GMT
28 February 2020 13:00 GMT UPDATED 28 February 2020 13:00 GMT
By Adam Corbett and London
Turkish marine insurance broker Omni Sigorta has formed a strategic partnership with compatriot GTG Istanbul in a move aimed at extending their global reach.
Both Omni and GTG are strong in Turkey and Southern Europe but the companies are aiming to take on more business outside the continent through the partnership.
Brands to stay
“This partnership process will not change either the Omni or GTG brand, team or working principles in any way,” in a statement Omni said.
“The only intention of this strategic partnership is to adapt to the globalisation trend in the world, widen the domestic and foreign portfolio, become stronger in the insurance markets in order to serve the clients even more reliably and effectively.”
Giant US private insurance broking group Lockton acquired 50% of the shares in Omni, which has been trading for more than 30 years, in 2018 following its earlier acquisition of Italian broker PL Ferrari.
PL Ferrari has also been working with GTG and that relationship will remain intact mainly on the protection and indemnity market.
However GTG and Omni will work mainly on the other marine insurance sectors such as hull and machinery.
Omni has offices in New Jersey, London and Istanbul, where it has a team of 32 brokers and other staff.
The broker covers all sectors of marine insurance including protection and indemnity, war risks, loss of hire, builders’ risk and hull and machinery.
Omni is regarded as having strong relationships in the world of P&I and the Lloyd’s of London market.
However, the broker is also active in non-marine areas such as engineering, disaster, liability and accident insurance.
Omni general manager Gurhan Kulle said that joining the Lockton group of companies had worked out well. He said that working with PL Ferrari had helped the company more business abroad.
“It is a tough market in all marine sectors, but they have been highly supportive and allowed us to win more business outside,” Kulle said. “We are working very well together and have a high level of respect for each other..”