Marsh Inc. announced it has completed the acquisition of International Advisory Services Ltd. (IAS), the largest independent manager of captive and third-party insurance companies in Bermuda.
Terms of the transaction were not disclosed.
Marsh said the acquisition strengthens its “position as a global leader in managing captive insurance companies and its rank as Bermuda’s largest captive management organization.” Worldwide, Marsh manages more than 1,100 captives, headquartered in 31 countries and other jurisdictions. IAS manages over 150 captives; nearly all of them are located in Bermuda.
Marsh’s Chairman and CEO Dan Glaser described IAS as “a well managed company that represents an excellent fit with our business – both from a strategic perspective and culturally with its longstanding reputation for excellent client service. This combination reflects Marsh’s commitment to continue to invest in our core businesses around the world and to remain at the forefront of our industry in offering a full spectrum of solutions to clients’ risk management needs.”
As the two firms combine their operations, David Ezekiel, founder and CEO of IAS, and David Pickering, executive vice president and COO, will be joining the leadership team of Marsh’s Global Captive Solutions Practice, which is led globally by Michael Cormier and includes Jill Husbands in Bermuda, and other representatives from around the world.
Ezekiel stated he is “thrilled to be joining forces with Brian Duperreault, Dan Glaser, and the team at Marsh, and equally pleased to have David Pickering and the rest of the IAS team as part of the combined operation.”
Cormier noted that “Captive use has continued to expand in all areas of the world. Bermuda remains a leader in providing innovative risk retention solutions to clients with complex risks. The combination of Marsh and IAS will bring together an unparalleled team of professionals who share a common focus and commitment to client service excellence.”