The integration of UK broker Segdwick cost global broker Marsh & McLennan $253million in the fourth quarter of 1999, it was announced this week.
Integration costs include severance payments for over 4,500 employees from both firms and real estate costs for 175 office locations since it was acquired by Marsh in 1998.
The figures were announced as MMC reported 1999 results showing group revenue up 27% to $9.2 billion.
Chief executive J.W. Greenberg said: "The merger with Sedgwick has gone well."
When the merger was announced in August 1998, MMC estimated net consolidation savings of $110m. Net savings are now expected to approach $160m over three years, including $30m reflected in 1999 results.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
