FINANCE: Marsh Finalises Alexander Forbes Deal
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Marsh, a wholly owned subsidiary of Marsh & McLennan Companies has acquired the broking business of Alexander Forbes.
The combined entity will be known as Marsh Africa and says it is committed to becoming the continents pre-eminent insurance broking advisor. The deal provides direct access to broaden solutions and offerings as well as deepen industry expertise and global servicing capabilities and substantial professional skills.
Marsh has leading global industry teams that cover all the major economic sectors. This will provide in depth insight into global service standards across many different industry groupings.
Marsh places $US40 billion premium per annum into the world’s insurance markets and this depth of client base and resource will ensure that the best capability is brought to bear on our clients behalf across Africa and the world, the company says.
As a global leader in broking and with sector expertise driven off a global technology platform this will benefit not only its international clients but clients with broad, global and African interests.
This transaction throughout has been truly collaborative under a united management team of Jurie Erwee as CEO and Brian Blake as vice chairman.
The combination of these two businesses makes South Africa Marsh’s sixth largest country by headcount. The combined operations will have principal offices in Johannesburg, Cape Town, Durban, Port Elizabeth and 12 other offices around South Africa.
Marsh Africa also has aggressive expansion plans for the rest of Africa with the initial transaction including Botswana and Namibia and subject to completion of the due diligence of Marsh the company will be purchasing certain local and correspondent operations across sub-Saharan Africa.
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