Marsh announced it has reached a definitive agreement to acquire SME Insurance Services (SMEi), a UK independent broker which provides specialist commercial insurance to small and medium-sized enterprises.
Terms of the transaction, which is expected to close in the third quarter of this year, were not disclosed.
Based in Leeds, SMEi has developed an effective online and telephone-based business model which enables it to provide clients with flexible and comprehensive insurance solutions, tailored to their individual requirements, regardless of size or risk profile, Marsh said in a statement.
SMEi also operates Broker2Broker, an online trading platform that offers independent insurance brokers access to a wide range of products through a panel of commercial insurers.
On closing, Roger Snowden and Jason Gandy, co-founders of SMEi, will join Marsh to help drive forward its small and medium-sized enterprise strategy, reporting to Julie Page, CEO of Marsh’s UK Commercial and Consumer Division.
“This transaction will further enhance Marsh’s capability to serve small and medium-sized businesses across the UK and builds on our earlier acquisition of Central Insurance Services (CIS). Marsh identified both SMEi and CIS as high quality, fast-growing businesses,” said Mark Weil, CEO, Marsh UK & Ireland.
“The SMEi online and call center platform, when combined with Marsh’s ability to provide extensive risk and insurance advice and its strong insurer relationships, will create a breakthrough in the convenience, quality, and cost of insurance solutions available to SMEs. The addition of the SMEi’s Broker2Broker platform will also bring significant benefit to the members of Marsh’s broker networks,” said Weil.
Jason Gandy, co-founder of SMEi, said: “Becoming part of Marsh is good news for our clients and colleagues. By combining our expertise with Marsh’s wide range of services we will be able to accelerate our development and widen our range of products. Our colleagues will also benefit from expanded career opportunities. We look forward to becoming part of Marsh and delivering a better way for SMEs to obtain the best risk and insurance advice.”
Source: Marsh
Topics Mergers & Acquisitions Agencies
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