AcnTURK Holding, a company owned by intermediaries and which has a 100%-owned insurance company, plans to go public in 2026, according to Mr Murat Buyukcelebi, the company's chairman.
Before launching the initial public offer, AcnTURK will open up to more insurance agencies, insurance professionals and those working in insurance companies for them to acquire a stake, reported Sigorta Medya.
"We will create an opportunity for those who have been serving this sector for years to easily become partners in an insurance company," Mr Buyukcelebi said. He added, “We seek partners for the holding side, not the insurance company. The holding company owns 100% of the insurance company.”
AcnTURK Holding’s subsidiaries include AcnTURK Sigorta (insurance), AHOM (automotive), MIS Technology and AcnTURK Gayrimenkul (real estate).
AcnTURK Sigorta was established in May 2020 as the first insurance company established by agencies in Turkiye. It received an insurance licence in May 2022. It started operating and sold its first policy in October 2022.
Earlier this year, the insurer increased its capital by TRY166m ($5m) to TRY310m after receiving approval from the insurance regulator.
Commenting on the business situation, Mr Buyukcelebi said that AcnTURK Sigorta is trying to expand business despite the pressures faced in traffic insurance (compulsory motor third-party liability insurance). He added that whenever a traffic insurance policy is sold, the insurer also has to sell motor insurance, health and home insurance; otherwise, its operations would not be viable.
AcnTURK was structured into a holding group in 2023 with AcnTURK Sigorta being the engine of the group.