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Johannesburg - A subsidiary of Marsh & McLennan has acquired the brokerage business of Alexander Forbes Preference Share Investments [JSE:AFP] in 11 African countries for R809m, a company executive said on Thursday.
Marsh plans to take over Alexander Forbes’ risk operations in South Africa, Namibia and Botswana by November in the initial phase of the acquisition, and then spread to the remaining eight countries in later stages.
“It really does move the needle in terms of our position in Africa from a Marsh perspective,” said David Batchelor, Marsh’s chief executive for the Europe, Middle East and Africa region.
“It’s a region now in its own right, we see its development potential for our business, risk and insurance broking alongside Asia, Latin America and Eastern Europe. We see now the critical mass and the wherewithal to grow this part of the world.”
Jurie Erwee, chief executive at Alexander Forbes Risk Services, will head the new combined business in Africa.
Alexander Forbes shares in Johannesburg were up over 2.50% in late afternoon trade on Thursday.
Marsh plans to take over Alexander Forbes’ risk operations in South Africa, Namibia and Botswana by November in the initial phase of the acquisition, and then spread to the remaining eight countries in later stages.
“It really does move the needle in terms of our position in Africa from a Marsh perspective,” said David Batchelor, Marsh’s chief executive for the Europe, Middle East and Africa region.
“It’s a region now in its own right, we see its development potential for our business, risk and insurance broking alongside Asia, Latin America and Eastern Europe. We see now the critical mass and the wherewithal to grow this part of the world.”
Jurie Erwee, chief executive at Alexander Forbes Risk Services, will head the new combined business in Africa.
Alexander Forbes shares in Johannesburg were up over 2.50% in late afternoon trade on Thursday.
