NU Online News Service, Oct. 5, 2:15 p.m. EDT
Reinsurance broker Guy Carpenter & Company, LLC, said it has entered into an agreement to purchase London-based specialty reinsurance broker Rattner Mackenzie Ltd. from HCC Insurance Holdings Inc. Terms of the deal were not released.
HCC is a specialty insurance group headquartered in Houston. RML places HCC's reinsurance programs in the London market as well as servicing a number of third-party clients.
Guy Carpenter, a subsidiary of Marsh & McLennan companies, which also owns insurance broker Marsh, said the transaction is consistent with its strategy to supplement organic growth with targeted acquisitions.
Following successful completion of the transaction, Guy Carpenter said it would become a significant provider of reinsurance intermediary services to HCC.
"We have great respect for HCC and its management team and are extremely proud to become a major trading partner as a result of this transaction," said Peter Zaffino, president and chief executive officer of Guy Carpenter. "The acquisition of RML is further demonstration of our strategy to build our capabilities in the specialty sector."
Guy Carpenter said it expects the transaction will close this month, subject to regulatory approvals and satisfaction of other closing conditions.
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