Posted on 18 Sep 2009
Marsh Inc., the world's leading insurance broker and risk advisor, today announced it has completed the acquisition of International Advisory Services Ltd. (IAS), the largest independent manager of captive and third-party insurance companies in Bermuda. Terms of the transaction were not disclosed.
The acquisition strengthens Marsh's position as a global leader in managing captive insurance companies and its rank as Bermuda's largest captive management organization. Captive insurance companies are owned by businesses, associations, or groups of businesses as formal mechanisms for self-insuring, funding, and managing risks.
Worldwide, Marsh manages more than 1,100 captives. These entities are headquartered in 31 countries and other jurisdictions around the world that have specific regulations to accommodate these types of businesses. IAS, which manages over 150 captives, is headquartered in Bermuda where nearly all of the captives it manages are located.
"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."
As the two firms combine their operations, David Ezekiel, founder and CEO of IAS, and David Pickering, executive vice president and COO, will be joining the leadership team of Marsh's Global Captive Solutions Practice, which is led globally by Michael Cormier and includes Jill Husbands in Bermuda, and other representatives from around the world.
Mr. Ezekiel said, "I'm thrilled to be joining forces with Brian Duperreault, Dan Glaser, and the team at Marsh, and equally pleased to have David Pickering and the rest of the IAS team as part of the combined operation. Ever since IAS began operations, we have strived to offer the best service platform for our clients and we have maintained that commitment even as the challenges confronting clients have grown increasingly complex. Now, as part of Marsh, we can offer clients an entire portfolio of risk solutions to address the wide range of challenges they face today."
He added that IAS employees now will be part of a world class organization whose employees have the opportunity to develop their careers both within the realm of captive management and beyond that to the full range of risk services provided by Marsh.
"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," said Mr. Cormier. "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."