Marsh completes take-over of Alexander Forbes brokerage business
Johannesburg, 4 January 2012 – Marsh, a wholly-owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), announced that it has completed its previously agreed acquisition of the brokerage business of Alexander Forbes (AF). This transaction comprises its South African insurance broking operations, Alexander Forbes Risk Services (AFRS) and related ancillary operations, and AF’s insurance broking operations in Botswana and Namibia.
In a statement released earlier this week, Marsh said the transaction gives it a leading market position in southern Africa. In particular, it greatly enhances Marsh’s position in Africa’s major business sectors, including mining and minerals, power, telecommunications, transport and construction. It also extends Marsh’s reach into the dynamic middle market.
David Batchelor, President of Marsh’s International Division, said: “the combination of Alexander Forbes’ well-established South African operations, its regional network and respected team together with Marsh’s existing South African business, global solutions, resources and placement skills, will bring dramatically enhanced benefits to all our clients. 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. This transaction, which is driven by our growth ambitions to be a pan-African leader, gives us a powerful platform to meet these expectations.
“As we have worked more closely together over the last few months, we have been impressed with the team at Alexander Forbes Risk Services, which deservedly enjoys a strong reputation for excellent client service. My Marsh colleagues and I warmly welcome them.”
Jurie Erwee, who is the new CEO of the combined enterprise, now called Marsh Africa, 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. Together, as we unite our growth ambitions to become the continent’s pre-eminent broker and risk adviser, we are committed to bringing the world’s best to Africa.”
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 25,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital.