Global insurance broker Marsh said it will acquire the brokerage business of African insurance firm Alexander Forbes. This business comprises Alexander Forbes Risk Services (AFRS) and certain local and correspondent operations serviced across sub-Saharan Africa, including Botswana and Namibia. The transaction is subject to regulatory and other approvals.
Following completion of this transaction, which is targeted for the fourth quarter of 2011, Marsh said it will have taken a significant step forward in expanding its presence in Africa. In particular, it will have a leading market position in South Africa.
Jurie Erwee, CEO of AFRS, will be appointed CEO of the combined business in Africa, which will be called Marsh Africa.
Brian Blake, CEO of Marsh South Africa, will be appointed vice chairman of Marsh Africa with specific responsibility for developing African business outside South Africa