Insurance broker Marsh is getting ready to buy the Alexander Forbes brokerage business to build a stronger presence in Africa.
The transaction will be completed in the last quarter of 2011 if no regulatory problems arise.
The move will substantially strengthen Marsh’s South African operations.
The incumbent chief executive of Alexander Forbes Risk Services Jurie Erwee will be made the CEO of the combined business, which will be called Marsh Africa.
Brian Blake will be appointed vice-chairman of Marsh Africa with the specific responsibility of developing the business outside of South Africa.
“Marsh recognises the tremendous potential of the African continent as a major market for insurance and risk management services,” says Peter Zaffino, president and chief executive officer of Marsh.
“In Alexander Forbes Risk Services, we will acquire a highly regarded firm, greatly strengthening our immediate presence and providing us with a powerful platform to deliver value to the fast developing sub-Saharan region.”