09/04/2010
Marsh has announced the closure of its acquisition of HSBC Insurance Brokers Limited (HIBL) and has said it is on the lookout for other acquisitions this year.
The agreement to acquire HIBL for £135m ($207.4m) was announced last December and led to Marsh and the wholly owned subsidiary of HSBC Bank entering into a preferred strategic partnership (PSP).
In an interview with BestWire, Marsh’s chief executive Dan Glaser said the broker was also looking for other acquisitions in 2010.
"We're an international company, not a US multinational company," Glaser said in the interview. "This adds a lot of talent that will strengthen our position in the Middle East and Asia."
Under the terms of the PSP Marsh will have preferred access to provide insurance broking and risk management services to HSBC’s corporate and private clients.
According to a statement from Marsh, during the transitional phase, which is scheduled to last through the end of 2010, HIBL will operate under the name Marsh Brokers Limited in the UK and “certain other geographies”.
The acquisition has been completed in all geographies with the exception of Abu Dhabi and Saudi Arabia, where Marsh expects to close in the second quarter of 2010.
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