2010-04-01 07:30
Consolidates Leadership Position in Asia
HONG KONG, April 1 /PRNewswire-Asia/ --
Marsh, the world's leading insurance broker and risk advisor, today
completed its previously agreed acquisition of HSBC Insurance
Brokers Limited (HIBL), a wholly owned subsidiary of HSBC Bank
plc.
On 18 December last year, Marsh announced
that it would acquire HIBL for a price of GBP135 million.
Concurrent with this transaction, Marsh has also entered into
an agreement as Preferred Strategic Partner to HSBC in the UK and
certain other Markets. This provides Marsh with the unique
opportunity to provide insurance broking and risk management
services to corporate and private clients referred to Marsh by
HSBC.
Completion of the acquisition is subject to
different regulatory and approval processes. In Asia, Marsh
has acquired and renamed the HIBL companies in Hong Kong, Singapore
and Korea. As part of the transition process, HIBL colleagues
in those countries will initially continue to be employed by those
companies until local integration is completed. In Taiwan,
Marsh has signed an agreement to transfer the business and
colleagues to its existing operation, effective today. The
integrations in Mainland China and Vietnam with Marsh's local
operations will be finalised shortly.
The acquisition, which was funded with cash,
will complete in all geographies in the second quarter of 2010.
The acquired revenue of HIBL's operation is approximately
GBP130 million on an annual basis.
Combining the operations of Marsh and HIBL
consolidates Marsh as the undisputed leader in risk advisory and
insurance broking services in Asia, with particular strength in
Hong Kong, Mainland China and Singapore.
"Our acquisition of HSBC Insurance Brokers is
very positive news for our clients and colleagues and a clear
demonstration that Marsh is in growth mode," said Mr Alan Cheah,
Region Head - Asia for Marsh. "Asia faces many challenges,
marked by an increasingly complex and maturing risk environment.
I know that the team joining Marsh today share our commitment
to delivering the products, solutions and service that our clients,
and those of HSBC, need to thrive and grow.
"The HIBL team has an excellent reputation
for professionalism and client service and they will extend and
broaden our already market-leading skills base. My Asia colleagues
and I warmly welcome them to Marsh.
"We are particularly excited by the
opportunity to be a Preferred Strategic Partner to HSBC, one of the
world's largest financial institutions. We look forward to working
with HSBC and providing its referred clients with the best risk
management advice and insurance solutions," Mr Cheah added.
About Marsh
Marsh has over 23,000 employees and provides
advice and transactional capabilities to clients in over 100
countries. Marsh is a unit of Marsh & McLennan Companies
(MMC), a global professional services firm with approximately
52,000 employees and annual revenue exceeding $10 billion.
MMC also is the parent company of Guy Carpenter, the risk and
reinsurance specialist; Kroll, the risk consulting firm; Mercer,
the provider of HR and related financial advice and services; and
Oliver Wyman, the management consultancy. MMC's stock (ticker
symbol: MMC) is listed on the New York, Chicago and London stock
exchanges. MMC's Web Site is http://www.mmc.com . Marsh's Web
site is http://www.marsh.com .
SOURCE Marsh