Global insurance broking and risk management company Marsh has entered into an agreement to purchase Franco & Acra Tecniseguros, an insurance adviser in the Dominican Republic, for an undisclosed sum.
Following completion of the deal, the acquired entity will be branded as Marsh, Franco & Acra, and will integrate the operations of Franco & Acra Tecniseguros, with the global solutions, resources and placement capabilities of Marsh.
Expected to close during the second quarter of 2013, the transaction will enable the acquirer to offer better services to clients of all sizes in the Dominican Republic.
Based on the terms of the agreement, Franco & Acra Tecniseguros managing partner Enrique Valdez will assume the post of CEO at Marsh, Franco & Acra.
Valdez said that recent robust economic growth has boosted the demand for a higher level of risk advice from companies looking to expand.
Integration of both firms will present the most comprehensive risk and insurance offering in the local market, while ensuring that clients have access to the full range of risk solutions to suit their particular needs, he added.
Operating as a wholly owned subsidiary of Marsh & McLennan Companies, Marsh has nearly 26,000 staff, which co-operates to offer advice and transactional capabilities to clients in more than 100 nations.
Most recently, the company signed a definitive agreement to purchase Peru-based insurance advisor, Rehder y Asociados Group, which includes insurance broker, Rehder y Asociados and employee health and benefits specialist, Humanasalud.