Galata has been a trading centre since the Byzantine period. From the 12th century onwards, it hosted Genoese merchants, and the Byzantine emperors allowed the Italians, who dominated Mediterranean trade at the time, to establish themselves in this region. This enabled Italian merchants to collect the goods needed by the Byzantine Empire from across the Mediterranean basin and supply them to Constantinople. The Byzantine state was divided into 14 districts, each named after a number. The Galata Region was named the 13th Region during this period. Since the Byzantine era, the region had been autonomous to facilitate trade, and the merchants living there and the Beyoğlu region in its hinterland became a place where minorities could preserve their religions, languages and cultures.

On 29 May 1453, during the conquest of Istanbul by Mehmed the Conqueror, as a result of his diplomatic efforts, the Galata region supported the Ottomans, and the ships brought to the Golden Horn passed through the region controlled by Galata. As a result, and based on Fatih's awareness of Galata's importance in the supply of trade goods, Galata was granted autonomy, and the state here continued to exist autonomously until the mid-18th century. The walls of this autonomous state still stand in places today. The charter issued by Fatih on the same day as the conquest demonstrates the importance Fatih attached to preserving Galata's current status.

According to the census and property survey conducted by the Ottomans in the region in 1455, 60% of the property here belonged to Italians and 35% to Greeks. Italian culture, which dominated until the 17th century, gave way to French culture, language, and lifestyle in line with changes in Ottoman policy and the culture prevailing in the palace. In the 18th century, that is, until the Ottoman Empire began to adopt the international diplomatic order formed according to the Peace of Westphalia, the daily life of foreign missions in Galata showed a unique development. The relations between foreign legations and the groups of merchants and priests associated with them brought vitality to Galata's social life. However, whatever else changed, the only constant in Galata was its vibrant commercial life, and over time, as world conditions changed, Galata gradually evolved into a financial centre..

As a result of the Galata region's transformation into a financial centre over time, the Galata Bankers left their mark on Turkish financial history. The main reason for this was the influential economic and financial role played by the Galata Bankers during the Ottoman period. The group known as the Galata Bankers was essentially composed of minorities and was actively involved in money-changing, trade, and banking activities. Over time, they gained importance both within the state and society, thus playing a significant role in Ottoman social life. Furthermore, it is believed that the first securities transactions during the Ottoman period were conducted over the counter by this group. In particular, following the financial difficulties faced by the Ottoman State due to the Crimean War, their transactions involving state bonds, as well as their later share transactions and various derivative transactions, increased the power of the Galata Bankers. Although transactions were not conducted in an organised market, these activities led to the establishment of the first stock exchange in Ottoman history, known as the Galata Stock Exchange. In addition to their commercial activities and securities transactions, they also significantly influenced the financial structure of the Ottoman Empire due to their domestic and international connections. As a result, the influence of the Galata Bankers can also be seen in the financial structure and legislation that emerged after the Republican era.

Insurance activities, which began to emerge in Ottoman territories in the 18th century as a result of the financial power accumulated in Galata over hundreds of years and the major fires in the Ottoman Empire, also developed in Galata and its surroundings. Buildings belonging to companies such as Anadolu Sigorta, Ankara Sigorta, Axa Sigorta, which still operate in Turkey today, the Generali Group, which recently ceased operations in Turkey, and companies such as Nordstern and Mannheim, which have merged or been liquidated, still stand in Galata and serve in different ways.

Insurance Companies in 1868

The following is a list of insurance company agents and their addresses operating in Istanbul at the time, as published in the commercial guide ‘L'Indicateur Constantinopolitain’ by R. Cervati and N.C. Sargololo in 1868:

Insurance Companies 1893-1895

The commercial guide entitled Annuaire Oriental Du Commerce, covering the years 1893-1895, lists the insurance companies operating in the Ottoman Empire at that time as follows:

As can be seen from these lists, which appear in trade directories compiled at different times, a significant portion of insurance activities were carried out in the Galata district.

In naming our company Galata Reinsurance and Insurance Brokering Inc., we wanted to demonstrate the value we place on the region's insurance history and its customs, some of which are unwritten. Undoubtedly, the loyalty of insurers to their history, customs, and traditions, which are expected to be there for people in times of need, gives confidence to their customers. Although insurance legislation is now highly developed and aims to protect consumer rights, in our culture, trust in people still comes to the fore when doing business. With these thoughts in mind, our main principle is to be an institution that provides this much-needed trust to its customers and business partners.