NU Online News Service, Jan. 9, 3:50 p.m. EST
Insurance broker Marsh has completed its acquisition of the insurance brokerage business of Alexander Forbes, expanding its foothold in Africa.
Marsh, a wholly-owned subsidiary of Marsh & McLennan Companies said last night that the transaction comprises the firm’s South African insurance-broking operations, Alexander Forbes Risk Services and related ancillary operations, and Alexander Forbes’s insurance broking operations in Botswana and Namibia.
In addition, Marsh says it agreed to acquire other Alexander Forbes local operations across sub-Saharan Africa in Malawi, Mozambique, Nigeria, Uganda and Zambia subject to regulatory and other approvals. Those transactions are expected to close during this quarter.
Marsh says the transactions gives it a leading market position in South Africa and significantly expands its presence in the sub-Saharan region. The broker says the acquisition “greatly enhances” its position in Africa’s major business sectors, including mining and minerals, power, telecommunications, transport and construction and the middle market.
Marsh announced the acquisition in August of last year saying it would pay $116 million for the firm and an additional $44.6 million over the following two years.
In other acquisition news, Short Hills, N.J.-based insurance broker Bollinger, Inc. says it acquired Argent Professional Insurance Agency, LLC.
Argent Professional Insurance was founded in 2009 by Henry Kane, and Brian Kern. The agency writes professional liability insurance for physicians and healthcare facilities, accountants and attorneys.
With the acquisition, Jack Windolf, chairman and chief executive officer of Bollinger says the transaction solidifies “our place on top of the professional liability market.”
With the acquisition, Bollinger has formed a new professional-liability division.
Chicago-based insurance broker Hub International Ltd. says it has acquired the assets of Patrion Insurance Services, a Riverside, California-based insurance brokerage firm.
Patrion is an affiliate of Altura Credit Union, with over 30 years of providing insurance and risk management solutions.
As a full service agency, Patrion offers a complete range of personal, commercial, and employee benefits products and services to a client base throughout southern California.
As part of this transaction, Hub will also establish a strategic partnership with Altura Credit Union to support the insurance and risk management needs of their Members.
The Patrion operation will become part of the California operations of Hub International Insurance Services and operate out of Hub’s existing office in Riverside.
Terms of transaction for Argent Professional Insurance and Patrion were not released.