Marsh & McLennan Companies Inc. said it had purchased the remaining 49 percent stake in the firm Companias DeLima S.A., headquartered in Cali, Colombia, from the company's minority partners. Terms of the deal were not released.
The New York-based services company said the transaction gives it full ownership of the firm, allowing it to expand the business already conducted in the country through its insurance brokerage firm Marsh, consulting unit Mercer and reinsurance broker Guy Carpenter.
MMC said that under the agreement, Ernesto de Lima, who founded the firm in 1953, will continue as chairman of the board of DeLima Marsh, the insurance unit of Companias DeLima.
Gonzalo Sanin will continue as chief executive officer, managing DeLima Marsh's day-to-day operations.
Jorge Alberto Uribe, one of the partners of Companias DeLima, will continue with the company as a senior-level consultant.
MMC said Companias DeLima has approximately 1,000 employees in Colombia, in locations including Bogota, Cali and Medellin. MMC said DeLima Marsh is the largest insurance broker in Colombia.
In 1999, Marsh, then operating as J&H Marsh & McLennan Inc., purchased a majority interest in Companias DeLima and merged the two companies' insurance businesses in Colombia to form DeLima Marsh, MMC said.
The remaining reinsurance and human resources practices of Companias DeLima were absorbed into the businesses of MMC's Mercer and Guy Carpenter units.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.