Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Marsh To Acquire HSBC Insurance Brokers

Deal to expand presence in key markets and, boost client services and solutions

Marsh, an insurance broker and risk adviser, has reached an agreement to acquire HSBC Insurance Brokers Ltd (HIBL), a wholly owned subsidiary of HSBC Bank. Under the terms of the agreement, Marsh will acquire HIBL in consideration of GBP135mn, comprising a mixture of Marsh & McLennan Companies, stock and cash.

The company has entered into a preferred strategic partnership (PSP) with HSBC, which will provide additional revenue to the company. It will have access to provide insurance broking and risk management services to HSBC’s corporate and private clients.

Dan Glaser, chairman and CEO of Marsh & McLennan, said: “Acquiring HIBL is a great opportunity for Marsh, our clients, our colleagues and for the HIBL team. We are particularly excited by the opportunities available to us through the PSP with HSBC. It will enable us to leverage HSBC’s global network and banking relationships to generate new business.

“We also see good growth potential in placing third party business generated via HIBL’s Accident, Health and Contingency, Cargo, Specie and North American Practices. We will manage this specialist business through a dedicated business unit, called Gibbs Hartley Cooper.”

Clive Bannister, group managing director of insurance at HSBC Holdings, said: “The beauty of this agreement is that on the one hand we are improving the breadth and sophistication of HSBC broking services for our customers, while at the same time sharpening our strategic focus on the bancassurance model with emphasis on life, pensions and investments.”

The transaction, which is subject to all relevant regulatory approvals, is expected to close in the first quarter of 2010.