Insurance broking and risk management firm Marsh has agreed to acquire Brazilian insurance broker AD Corretora de Seguros.

Terms of the transaction, which is expected to close later this month, were not disclosed.

Formed in 1980, AD Corretora is a highly regarded insurance broker specializing in mid-market business with particular expertise in the sugar refining, agri-business and infrastructure sectors. Headquartered in Bauru, it also has offices in Ribeirão Preto, Araçatuba and São Paulo.

Marsh president John Doyle said: “The acquisition of AD Corretora de Seguros further demonstrates Marsh’s commitment to expanding our footprint in Latin America, and Brazil in particular, to meet the evolving needs of businesses across the region.

“It further enables us to provide enhanced services to local and multinational organizations operating across some of the most important sectors in the Brazilian economy."

Marsh Brazil president and CEO Eugenio Paschoal said: “São Paulo is one of the most dynamic regions in Brazil and I am excited by the opportunity to bring our expertise to a wider range of companies there.

“Over many years, AD Corretora has built a reputation for providing excellent client service. By combining our two organizations we will be able to ensure that businesses across São Paulo get the very best risk and insurance advice. We look forward to welcoming the management team and colleagues of AD Corretora to Marsh.”

AD Corretora founder & CEO Alberto Dabus said: “As our clients’ needs have continued to evolve, we have given much thought about how best we meet their growing expectations. At the same time, we want to ensure that our colleagues are given the greatest opportunities to develop their careers.

“The business and capability fit between Marsh and AD Corretora is tremendous and will allow the two companies to deliver high aggregated value to their clients, both in sector knowledge and insurance placement. This announcement is great news for our clients and colleagues alike.”