View this article online: https://www.insurancejournal.com/news/international/2015/09/11/381352.htm
Marsh announced it has made an offer to acquire the entire ordinary share capital of Jelf Group plc, a UK-based independent insurance broker and financial services consultancy.
The transaction, which is subject to customary conditions, including approval by the regulatory authorities and Jelf shareholders, is expected to close in the fourth quarter of 2015. Under the terms of the acquisition, each scheme shareholder will receive 215 pence in cash for each Jelf share.
Founded in 1989, Jelf has 37 offices across the UK and provides advice to over 100,000 businesses and individuals on matters relating to insurance, healthcare, employee benefits and financial planning.
With the Jelf acquisition, “Marsh would acquire one of the leading independent insurance brokers to the UK’s small and medium-sized enterprises (SMEs) and strengthen its presence in the large and mid-market companies segment,” Marsh said in a statement announcing the proposed deal.
“As such, it further develops Marsh’s ability to expand the services it provides UK SMEs, in line with its global ambition in this segment,” the statement said, adding that such interest is demonstrated by Marsh’s recent acquisitions of Leeds, England-based SMEi Insurance Services and Aberdeen, Scotland-based Central Insurance Services.
The addition of Jelf’s businesses will strengthen Marsh’s distribution platform via Jelf’s branches, affinity partners and direct channels.
“Jelf and Marsh are highly complementary businesses, both in terms of business and values. This transaction underlines Marsh’s commitment to setting the standard for providing advice and products that meet the risk, financial services and insurance needs of individuals and companies of all sizes across the UK,” said Mark Weil, Marsh’s CEO for UK & Ireland.
“We have the highest regard for the management and team at Jelf and expect they will be a huge asset as, together, we provide the market-leading suite of solutions to our clients,” he added.
“I am extremely proud of the business that we have built since Jelf was founded in 1989. Every one of our colleagues has contributed to our deserved reputation for developing long-lasting, trusted adviser relationships with our clients,” said Alex Alway, CEO of Jelf Group plc.
“As our clients’ needs have continued to evolve, the board and executive management team have given much thought about how best we meet their growing expectations,” Always added. “At the same time, we want to ensure that our colleagues are given the greatest opportunities to develop their careers. I am confident that this transaction is great news for our clients and colleagues alike.”
Source: Marsh