US-based Marsh & McLennan has signed an agreement to acquire UK-based insurance broker Jelf Group, for around £258m.
Under the deal, Marsh will pay 215p per Jelf share to acquire the entire share capital, representing a premium of about 4% to its closing share price on 18 August.
Established in 1989, Jelf provides insurance brokerage and financial services to the customers in the UK.
Marsh group UK & Ireland CEO Mark Weil said: "This transaction underlines our commitment to set the standard for advice and products that meet the risk, financial services and insurance needs of individuals and companies of all sizes across the UK."
With around 37 offices in the UK, Jelf offers services to around 100,000 businesses and individuals on matters relating to insurance, healthcare, employee benefits and financial planning.
The acquired business will allow Marsh to expand its services to small and medium-sized enterprises (SMEs), in addition to strengthening its presence in the large and mid-market companies segment.
Jelf Group CEO Alex Alway said: "I am extremely proud of the business that we have built since Jelf was founded in 1989. Every one of our colleagues has contributed to our deserved reputation for developing long-lasting, trusted adviser relationships with our clients."
Subject to customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.
In the UK, Marsh group also acquired Leeds-based SMEi Insurance Services that provides specialist commercial insurance services to SMEs, as well as Aberdeen-based independent insurance broker Central Insurance Services.
Image: Marsh & McLennan headquarters at 1166 6th Avenue in New York City. Photo: courtesy of Americasroof.