NU Online News Service, Sept. 18, 3:35 p.m. EDT
Marsh Inc. has acquired the largest independent manager of captive and third-party insurance companies in Bermuda, International Advisory Services Ltd. (IAS).
Terms of the transaction were not disclosed.
Marsh said the two firms will combine their operations, and IAS founder and chief executive officer David Ezekiel, along with executive vice president and chief operating officer David Pickering, will join the leadership team of Marsh's Global Captive Solutions Practice.
Worldwide, Marsh said it manages more than 1,100 captives headquartered in 31 countries and other jurisdictions around the world. IAS manages over 150 captives located mostly in Bermuda.
"IAS is a well-managed company that represents an excellent fit with our business–both from a strategic perspective and culturally with its longstanding reputation for excellent client service," said Dan Glaser, chairman and chief executive officer of Marsh. "This combination reflects Marsh's commitment to continue to invest in our core businesses around the world and to remain at the forefront of our industry in offering a full spectrum of solutions to clients' risk management needs."
Michael Cormier, managing director of captive solutions at Marsh, said, "Captive use has continued to expand in all areas of the world. Bermuda remains a leader in providing innovative risk retention solutions to clients with complex risks."
Mr. Cormier added, "The combination of Marsh and IAS will bring together an unparalleled team of professionals who share a common focus and commitment to client service excellence."
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