Global insurance broker Marsh said it will acquire the brokerage business of African insurance firm Alexander Forbes. This business comprises Alexander Forbes Risk Services (AFRS) and certain local and correspondent operations serviced across sub-Saharan Africa, including Botswana and Namibia. The transaction is subject to regulatory and other approvals.
Following completion of this transaction, which is targeted for the fourth quarter of 2011, Marsh said it will have taken a significant step forward in expanding its presence in Africa. In particular, it will have a leading market position in South Africa.
Jurie Erwee, CEO of AFRS, will be appointed CEO of the combined business in Africa, which will be called Marsh Africa.
Brian Blake, CEO of Marsh South Africa, will be appointed vice chairman of Marsh Africa with specific responsibility for developing African business outside South Africa
Topics Mergers & Acquisitions Agencies
Was this article valuable?
Here are more articles you may enjoy.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
‘The Arms Race Is On’: Chubb’s Greenberg on Mythos, Middle East 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
