Global insurance broker Marsh said it will acquire the brokerage business of African insurance firm Alexander Forbes. This business comprises Alexander Forbes Risk Services (AFRS) and certain local and correspondent operations serviced across sub-Saharan Africa, including Botswana and Namibia. The transaction is subject to regulatory and other approvals.
Following completion of this transaction, which is targeted for the fourth quarter of 2011, Marsh said it will have taken a significant step forward in expanding its presence in Africa. In particular, it will have a leading market position in South Africa.
Jurie Erwee, CEO of AFRS, will be appointed CEO of the combined business in Africa, which will be called Marsh Africa.
Brian Blake, CEO of Marsh South Africa, will be appointed vice chairman of Marsh Africa with specific responsibility for developing African business outside South Africa
Topics Mergers & Acquisitions Agencies
Was this article valuable?
Here are more articles you may enjoy.
How Niche Insurance Shielded Bad Bunny From Bad Weather 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Another Appeals Court Balks at Class Action Over Auto Insurers’ ACV Methods 
California Insurance Commissioner Race Has Diverse Field Amid ‘Insurance Crisis’ 
