Nasco Insurance Group and Diot-Siaci announce strategic alliance
Paris, March 7th, 2024 – NASCO Insurance Group (Nasco), a leading direct and reinsurance broker in the MENA region and DIOT-SIACI, the European leader in corporate insurance brokerage, are pleased to announce a global strategic
alliance.
Nasco has 60+ years of experience in direct and reinsurance brokerage activities and holds a leading position in the MENA region. Diot-Siaci is a leading insurance and reinsurance broker in Europe and Africa. The combination of both groups’ broking activities is designed to propel the development of the alliance on a global scale.
Diot-Siaci is expected to make a sizeable investment in Nasco and contribute to its existing broking operations in the GCC, thus cementing Nasco’s lead insurance and reinsurance brokerage position in the Middle East.
In line with Diot-Siaci’s strategic vision, this investment not only reinforces the group’s global leadership in corporate brokerage but also secures a pivotal position in the Middle East. In parallel, Nasco France, a leading independent reinsurance broker in France, will significantly expedite Diot-Siaci’s reinsurance ambitions.
The proposed alliance will also create substantial value for clients. Diot-Siaci’s leading specialty expertise and market know-how will support Nasco’s ability to expand its client offering. Nasco’s strongly rooted network in the MENA region will complement DiotSiaci’s extensive European and African footholds to deliver a superior level of client service on a global scale.
Gino Nader is expected to retain a significant stake in Nasco and continue to serve as its Chairman and CEO. Nasco’s leadership team will remain unchanged.
Commenting on the arrangement, Gino Nader expressed his belief that “this alliance will support the next phase of Nasco’s growth and international development, whilst preserving the legacy of long lasting relationships and quality of service of our group.”
Diot-Siaci’s co-chairmen, Christian Burrus and Pierre Donnersberg, along with Cedric Charpentier, Group CEO, enthusiastically welcomed this partnership. In a collective statement, they expressed their conviction that “this alliance will reinforce Diot-Siaci’s presence in the strategic MENA region and further strengthen our ambitions in the reinsurance brokerage space. Diot-Siaci and Nasco share a similar client-centric culture, and we firmly believe that the geographical and business complementarity will bring unique value proposition to our respective clients.”.
This alliance is expected to be effective by mid-2024 and will be fully consolidated by Diot-Siaci. Its completion is subject to customary regulatory approvals.
Download the press release