Transitional phase to last until end of calender year
Marsh today completed its acquisition of HSBC Insurance Brokers (HIBL) from HSBC Bank.
On 18 December last year, Marsh announced that it would acquire HIBL for £135m, after Insurance Times had predicted the deal.
Marsh also entered into an agreement as a preferred strategic partner to HSBC where it will provide broking and risk management services to corporate and private clients referred to Marsh by HSBC.
Insurance Times reported last month that Marsh will launch a new wholesale broking arm combining its Pro Broker Network and the intermediary marketing division of HSBC Insurance Brokers.
Marsh stated that during a transitional phase, scheduled to last through the end of the calendar year, HIBL will operate under the name Marsh Brokers Limited (MBL) in the UK and some other countries.
It described MBL is an 'international provider of risk intermediary and risk advisory services headquartered in London, with strong market positions in established and developing markets, including Education, Marine and Specie.'
“Our acquisition of HSBC Insurance Brokers extends the breadth of Marsh’s operations in several high growth markets,” said Marsh UK chief executive Martin South. “UK plc faces many challenges, marked by an increasingly complex and demanding risk environment. I know that the team joining Marsh today share our commitment to delivering the products, solutions and service that our clients, and those of HSBC, need to thrive and grow.
“The MBL team has an excellent reputation for professionalism and client service and they will extend and broaden our already market-leading skills base. My UK colleagues and I warmly welcome them to Marsh."