NU Online News Service, Dec. 18, 3:10 p.m. EST

Marsh agreed early today to acquire HSBC Insurance Brokers Ltd., (HIBL), a wholly owned subsidiary of HSBC Bank.

Under the terms of the agreement, Marsh will acquire HIBL for approximately $220 million in cash and stock of its Marsh & McLennan Companies Inc. subsidiary.

At the same time, Marsh said it has entered into a "preferred strategic partnership" with HSBC in an effort to generate additional revenue opportunities to the company.

Under the terms of that deal, "Marsh will have preferred access to provide insurance broking and risk management services to HSBC's corporate and private clients," said Dan Glaser, Marsh Inc's chairman and chief executive officer.

HIBL is an international provider of risk intermediary and risk advisory services.

It is based in London, and has approximately 1,400 employees located in 30 offices in the United Kingdom, Middle East and Asia.

According to Marsh, HIBL is ranked among the top brokers in the UK and "holds prominent market positions in other countries where Marsh has both a significant presence and major plans to grow, including the UAE, Saudi Arabia, Qatar, China, Hong Kong, India, Singapore, South Korea and Taiwan."

Special Reports /

Marsh Acquires Broker Unit Of HSBC Intl. Bank

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