Marsh acquires HSBC Insurance Brokers
Insurance broker and risk adviser Marsh has announced that it is to acquire HSBC Insurance Brokers Ltd (HIBL), a subsidiary of HSBC Bank.
The deal was earlier reported in November by the Daily Telegraph, which stated that talks were at an advanced stage for the acquisition of HSBC Insurance Brokers by Marsh.
HIBL employs around 1,400 people, and provides risk intermediary and risk advisory services from 30 offices throughout the UK, Middle East and Asia.
The deal is worth £135m, to be delivered as a combination of cash and Marsh & McLennan Companies, Inc. stock.
It requires the usual regulatory go aheads but if all goes smoothly is predicted to be completed in Q1 2010.
Marsh chairman and CEO Dan Glaser has described the acquisition as a great opportunity for both the firm itself and its clients.
At the same time Marsh and HSBC are entering into a Preferred Strategic Partnership (PSP), which will see Marsh get preferred access to provide HSBC’s corporate and private clients with insurance broking and risk management services.
Category: Insurance News, Marsh News
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