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 forapproximately $220 million in cash and stock of its Marsh &McLennan Companies Inc. subsidiary.

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

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

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

It is based in London, and has approximately 1,400 employeeslocated in 30 offices in the United Kingdom, Middle East andAsia.

According to Marsh, HIBL is ranked among the top brokers in theUK and "holds prominent market positions in other countries whereMarsh 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."