Marsh, a global insurance brokerage and risk management firm, has signed a definitive agreement to purchase a majority shareholding in Semusa, an insurance broker and advisor in Panama, to bolster its presence in the region.
Semusa has been working as Marsh’s local correspondent broker in the region for for 15 years. Financial terms of the deal have not been disclosed.
Marsh believes that the deal will boost its leadership position in the Central America and Caribbean region and follows the acquisition of Franco & Acra Tecniseguros in the Dominican Republic in 2013.
Upon completion of the transaction, the integrated company will be rebranded as Marsh Semusa, which will bring together the long-established operations of Semusa, with the global footprint, solutions, and placement capabilities of Marsh to offer improved services to Panamanian clients.
Under the terms of the agreement, Samuel Urrutia, president of Semusa Group, will assume the responsibility of chairman of the board of Marsh Semusa. In his new role, Urrutia will report to Ricardo Brockmann, CEO of Marsh Latin America and Caribbean.
In addition, Emanuel Abadia, currently CEO of Semusa, will be promoted as CEO of Marsh Semusa, reporting to Jose Vergara, head of Marsh Central America and the Caribbean.
Marsh president and CEO Peter Zaffino said: "Panama is one of the fastest growing economies in the world, and I am excited that Marsh’s first office in Central America will be located in one of its most dynamic business environments.
"The country has seen significant expansion across the financial services, infrastructure, construction, energy, logistics and transportation sectors."
Samuel Urrutia commented: "By further cementing our relationship with Marsh, we will strengthen and enhance the capabilities that Semusa has built up over many years and present the most comprehensive risk and insurance offering in the local market."
The transaction is expected to conclude during the third quarter of 2014.
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Image: Marsh & McLennan headquarters in the Americas. Photo: courtesy of Americasroof.