Marsh, an insurance broker and risk adviser, has completed its previously agreed acquisition of HSBC Insurance Brokers Limited (HIBL), a wholly owned subsidiary of HSBC Bank, extending its breadth of international operations in various high growth markets.
Marsh said that it would acquire HIBL for a price of GBP135m. It has also entered into an agreement as a preferred strategic partner to HSBC to provide insurance broking and risk management services to corporate and private clients referred to Marsh by HSBC.
According to Marsh, the acquisition, which was funded with cash, has been completed in all geographies with exception of Abu Dhabi and Saudi Arabia, where it expects to close in the second quarter of 2010. The acquired revenue of HIBL’s operation is approximately GBP130m on an annual basis.
Dan Glaser, CEO of Marsh, said: “Our acquisition of HSBC Insurance Brokers extends the breadth of Marsh’s international operations in several high growth markets. Clients value not just our global reach, but our ability to amass our global experience and knowledge and deliver it to the client for their individual benefit.
“The addition of the HSBC team broadens our global footprint and deepens the resources we can bring to bear on behalf of our clients.”