Marsh To Acquire HSBC Insurance Brokers

Dec 20, 2009 (Datamonitor via COMTEX) -- Marsh, an insurance broker and risk adviser, has reached an agreement to acquire HSBC Insurance Brokers, a wholly owned subsidiary of HSBC Bank.

Under the terms of the agreement, Marsh will acquire HSBC Insurance Brokers in consideration of GBP135 million, comprising a mixture of Marsh & McLennan Companies stock and cash.

The transaction, which is subject to all relevant regulatory approvals, is expected to close in the first quarter of 2010.

Concurrent with this transaction, Marsh has entered into a preferred strategic partnership (PSP) with HSBC which is expected to provide additional revenue opportunities to the company.

Under the terms of the PSP, Marsh will have preferred access to provide insurance broking and risk management services to HSBC's corporate and private clients.

Dan Glaser, chairman and CEO of Marsh, said: "We are particularly excited by the opportunities available to us through the PSP with HSBC. It will enable us to leverage HSBC's global network and banking relationships to generate new business."

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