SME Insurance Services deal expected to complete in Q3
Marsh has returned to the acquisition trail by buying Leeds-based independent broker SME Insurance Services (SMEi).
SMEi offers commercial insurance to SMEs both online and through call centres.
Marsh UK and Ireland chief executive Mark Weil said: “This transaction will further enhance Marsh’s capability to serve small and medium-sized businesses across the UK and builds on our earlier acquisition of Central Insurance Services (CIS).
“Marsh identified both SMEi and CIS as high quality, fast-growing businesses. The SMEi online and call centre platform, combined with Marsh’s ability to provide extensive risk and insurance advice and its strong insurer relationships, will create a breakthrough in the convenience, quality and cost of insurance solutions available to SMEs.”
The deal includes the acquisition of SMEi’s online trading platform Broker2Broker.
The portal gives independent brokers access to a wide range of products through a panel of commercial insurers, which Weil said would bring “significant benefits” to Marsh’s network members.
Details of the deal have not been disclosed, but it is expected to complete in the third quarter of 2015.
SMEi co-founders Roger Snowden and Jason Gandy will join Marsh once the deal is completed.