Significantly expanding its
reach in Africa, US professional services and insurance brokerage
group Marsh & McLennan Companies (Marsh) is to acquire the
brokerage business of Alexander Forbes of South African financial
services company Alexander Forbes (AF).
The acquisition, which is
still subject to regulatory approval, encompass AF’s South African
unit, Alexander Forbes Risk Services (AFRS), and correspondent
operations serviced across Sub-Saharan Africa, including Botswana
and Namibia.
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Financial terms of the
acquisition have not been disclosed. On closure of the acquisition,
AFRS will be merged with Marsh’s existing operation in South
Africa,
which it established in 1999.
President and CEO of Marsh
Peter Zaffino said: “Marsh recognises the tremendous potential of
the African continent as a major market for insurance and risk
management services. In Alexander Forbes Risk Services, we will
acquire a highly regarded firm, greatly strengthening our immediate
presence and providing us with a powerful platform to deliver value
to the fast-developing sub-Saharan region.”
Marsh’s acquisition of AFRS
follows close on the heels of its rival Aon’s acquisition of South
African insurance broking and risk management company Glenrand in
December 2010 for $86m. Following the deal, Glenrand’s UK partner,
UK broking company Jardine Lloyd Thompson, announced that it would
be establishing an office in South Africa.
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