Insurance broker and risk adviser Marsh, a unit of Marsh & McLennan Companies, Inc. (MMC) said Friday, it agreed to acquire London based HSBC Insurance Brokers Ltd, a wholly owned subsidiary of HSBC Holdings Plc (HBC), in a stock and cash deal worth GBP 135 million.
Concurrent with this transaction, Marsh also entered into a preferred strategic partnership or PSP with HSBC to provide insurance broking and risk management services to HSBC's corporate and private clients, opening an avenue for additional revenues.
Marsh said the deal will enable it to expand its presence in key markets, boost client services and solutions, and secure preferred access to HSBC corporate and private clients. The transaction is expected to close in the first quarter of 2010.
Dan Glaser, Marsh Inc's chairman and chief executive officer, said, "Acquiring HIBL is a great opportunity for Marsh, our clients, our colleagues and for the HIBL team. We are particularly excited by the opportunities available to us through the PSP with HSBC. It will enable us to leverage HSBC's global network and banking relationships to generate new business."
Glaser added that the company sees good growth potential in placing third party business generated via HIBL's Accident, Health and Contingency, Cargo, Specie and North American Practices. Marsh intends to manage this specialist business through a dedicated business unit called Gibbs Hartley Cooper.
HSBC Insurance Brokers Ltd. has approximately 1,400 employees, located in 30 offices in the UK, Middle East and Asia. It holds prominent market positions in other countries, including the UAE, Saudi Arabia, Qatar, China, Hong Kong, India, Singapore, South Korea and Taiwan, where Marsh has major plans for expansion.
MMC is trading at $21.92, up $0.06 or 0.27%, on a volume of about 975 thousand shares.
HBC is trading at $55.21, down $0.14 or 0.25%, on a volume of about 140 thousand shares.
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