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17th of May 2012

Marsh acquires African broker

Vicky Beckett 04/01/2012

Marsh announced today that it has completed its acquisition of the brokerage business, Alexander Forbes (AF).
 
This includes its South African insurance broking operations, Alexander Forbes Risk Services and connected subsidiaries, and AF’s insurance broking operations in Botswana and Namibia.
 
Marsh has also acquired other AF local operations across sub-Saharan Africa in Malawi, Mozambique, Nigeria, Uganda and Zambia subject to approvals.
 
These transactions are expected to close in the first quarter of 2012.
 
The aquisition expands Marsh’s presence in the sub-Saharan region, particularly Africa.
 
David Batchelor, president of Marsh’s international division, said: “Companies in the rapidly developing African region are increasingly looking for insurance brokers and risk advisers that can help them both protect their vital assets and grow.
 
Jurie Erwee was appointed CEO of the enterprise, named Marsh Africa.
 
She said: “The whole team at AFRS has been made to feel very welcome by our colleagues at Marsh and we look forward to a rapid integration of the businesses.”
 
On closing the transaction, Marsh retained its Level 3 status in its Broad-Based Black Economic Empowerment (B-BBEE) scorecard rating.

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Minnie 17/01/2012 3:36am

Sharp tnihknig! Thanks for the answer.

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