Posted on 01 Apr 2010
Marsh has bought HSBC Insurance Brokers (HIBL), a wholly owned unit of HSBC Bank. Marsh, on December 18, 2009, had proposed to buy HIBL for $205 million. The subsidiary of Marsh & McLennan funded the buyout with cash and expects to complete the deal in the second quarter of 2010.
Marsh, which offers advice and transactional capabilities to clients, has also inked a deal with HSBC as a preferred strategic partner. The agreement will help Marsh offer insurance broking and risk management services to corporate and private customers that HSBC will refer.
"Our acquisition of HSBC Insurance Brokers extends the breadth of Marsh's international operations in several high growth markets. Clients value not just our global reach, but our ability to amass our global experience and knowledge and deliver it to the client for their individual benefit. The addition of the HSBC team broadens our global footprint and deepens the resources we can bring to bear on behalf of our clients,” said Dan Glaser, CEO of Marsh Inc. "The global risk environment is more fluid and more complex than ever before — demanding more from risk professionals. I know that the team joining Marsh today share our commitment to delivering the best to our clients. My colleagues and I warmly welcome the HSBC team to Marsh."
"We are particularly excited by the opportunity to be a Preferred Strategic Partner to HSBC, one of the world’s largest financial institutions. We look forward to working with HSBC and providing its referred clients with the best risk management advice and insurance solutions," Mr. Glaser added.