MARSH TO BUY BROKERAGE BUSINESS OF ALEXANDER FORBES

Global broker Marsh has expanded its presence in the sub-Saharan African market with an agreement to acquire the broking operation of South Africa-based Alexander Forbes. Terms were not disclosed for the deal, which is expected to close during Q4. “Marsh recognizes the tremendous potential of the African continent as a major market for insurance and risk-management services”, said Marsh president and chief executive Peter Zaffino. “In Alexander Forbes Risk Services (AFRS), we will acquire a highly regarded firm, greatly strengthening our immediate presence and providing us with a powerful platform to deliver value to the fast-developing sub-Saharan region”. The combined business of Marsh South Africa and AFRS is to be called Marsh Africa. AFRS chief executive Jurie Erwee will assume the same post for the new entity and report to David Batchelor, chief executive of Marsh Europe. Marsh South Africa chief executive Brian Blake will become vice-chairman of Marsh Africa to oversee business development outside South Africa and will report to Mr Erwee.