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Johannesburg - Marsh, a wholly-owned subsidiary of Marsh & McLennan Companies said on Wednesday that it has reached an agreement to acquire the brokerage business of Alexander Forbes Preference Share Investments [JSE:AFP].
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.
Peter Zaffino, President and CEO of Marsh 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."
David Batchelor, CEO of Marsh's Europe, Middle East and Africa region, said: "This transaction is positive news for our clients, colleagues and the risk and insurance industry across Africa. Our clients will benefit from the deep expertise brought together in the combined business; our colleagues will enjoy expanded career opportunities; and our global services and solutions will give greater options to companies of all sizes across the region."
Jurie Erwee, CEO of AFRS, will be appointed CEO of the combined business in Africa, to be called Marsh Africa.
A consortium of B-BBEE investors, which have been shareholders in Marsh's South African operations since 2001, will retain their interest in the combined business.
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.
Peter Zaffino, President and CEO of Marsh 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."
David Batchelor, CEO of Marsh's Europe, Middle East and Africa region, said: "This transaction is positive news for our clients, colleagues and the risk and insurance industry across Africa. Our clients will benefit from the deep expertise brought together in the combined business; our colleagues will enjoy expanded career opportunities; and our global services and solutions will give greater options to companies of all sizes across the region."
Jurie Erwee, CEO of AFRS, will be appointed CEO of the combined business in Africa, to be called Marsh Africa.
A consortium of B-BBEE investors, which have been shareholders in Marsh's South African operations since 2001, will retain their interest in the combined business.
