New York Group to Buy Alexander Forbes Brokerage Business
September 5 - A leading business listed on the New York stock exchange has
signed a deal with Alexander Forbes to acquire the South African insurance
giant's brokerage business.
Marsh, which is a wholly owned subsidiary of Marsh & McLennan Companies,
will acquire Alexander Forbes Risk Services, as well as other similar operations
in Botswana and Namibia belonging to the group.
This purchase guarantees Marsh's entrance into the African market, with a
strong position in South Africa already.
The President and Chief Executive Officer of Marsh Inc., Peter Zaffino said:
"Marsh recognizes the tremendous potential of the African continent as a major
market for insurance and risk management services. In Alexander Forbes Risk
Services we will acquire a highly regarded firm, greatly strengthening our
immediate presence and providing us with a powerful platform to deliver value to
the fast developing sub-Saharan region."
The Chief Executive Officer of Marsh's Europe, Middle East and Africa region,
David Batchelor noted that this transaction was positive news for the group's
clients, colleagues and the risk and insurance industry in Africa.
He said that Marsh's clients benefit from the "deep expertise" brought
together in the combined business as its colleagues will enjoy expanded career
opportunities and its global services and solutions will offer greater options
to companies of all sizes across the region.
The current CEO of Alexander Forbes Risk Services, Juri Erwee
has been promoted to become the CEO of the new Marsh Africa.
"By aligning the local strengths of Alexander Forbes with
Marsh's global resource, we are bringing the world's best to Africa," said
Erwee. "Marsh Africa will provide a broader offering to our clients and ensure
that we can provide them with the risk solutions best suited to their needs."
He said that both Alexander Forbes and Marsh have, through
focused development and support, achieved Level 3 status in their B-BBEE
"As a combined enterprise, we are committed to continuous
improvement in our BEE performance levels," he said.
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