Marsh Inc. (UK) announced that it had reached a definitive agreement to acquire Aberdeen-based Central Insurance Services, the leading independent insurance broker in Scotland. The transaction is anticipated to close later in the first quarter of 2014. Marsh said it cements the broker’s “already strong leadership position in Scotland and enhances its ability to service corporate clients across a range of industry sectors as well as high net worth individuals. Terms were not disclosed.”
Central Insurance was established in 1973 with offices in Aberdeen, Edinburgh, Glasgow, and Kendal in the North of England. It “provides insurance broking and risk advisory services to companies of all sizes across industry sectors, with particular expertise in Scotland’s oil and gas sector as well as financial services, construction, and agriculture,” said the announcement. It also has an extensive private client offering, specializing in providing tailored insurance solutions for individuals and families.
“On closing, Iain Henry, Managing Director of Central Insurance, will become Head of Marsh’s operations in Scotland.”
Peter Zaffino, President and CEO of Marsh Inc., said: “This transaction is demonstration of Marsh’s commitment to expanding our capabilities in Scotland. It builds on our already leading position in the Scottish market and enables us to provide enhanced services to both local and multinational companies operating across the most important sectors in the Scottish economy.”
Henry described the takeover as “good news for our clients, good news for our colleagues and good news for Scotland. Clients will benefit from the enhanced range of services; our colleagues will enjoy expanded career opportunities; and businesses throughout Scotland will be able to access a broader range of capabilities to manage their business risks more effectively. The combination of the two businesses creates a particular concentration of oil and gas expertise. We look forward to working with the team at Marsh to bring an enhanced service to our clients in this and other sectors.”
David Batchelor, President of Marsh’s International Division, commented: “This is a highly-complementary transaction for Marsh. With the addition of the team from Central Insurance we will create a strategic hub for offshore energy, and related onshore services, in Scotland.”
Mark Weil, CEO of Marsh UK & Ireland, added: “The addition of the team from Central Insurance will enhance our ability to deliver services to companies of all sizes in Scotland, particularly those in the energy sector, further enabling us to support those operating in the UK’s emerging shale gas industry.”
Source: Marsh Inc. (UK)
Topics Mergers & Acquisitions
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