AF deals boost Marsh’s African footprint

Marsh had agreed to buy other Alexander Forbes (AF) local operations across sub-saharan Africa, it said yesterday. The move follows the completion of Marsh’s takeover of the brokerage business of AF, comprising its South African insurance broking operations, Alexander Forbes Risk Services (AFRS) and related ancillary operations, and AF’S insurance broking operations in Botswana and Namibia. The unit of the global advisory, risk, strategy and human capital solutions provider Marsh & Mclennan in the US will buy AFRS operations in Malawi, Mozambique, Nigeria, Uganda and Zambia. “Companies in the rapidly-developing African region are increasingly looking for insurance brokers and risk advisers that can help them both protect their vital assets and grow,” said David Batchelor, the president of Marsh’s international division. “This transaction, which is driven by our growth ambitions to be a pan-african leader, gives us a powerful platform to meet these expectations.” The deals will enhance Marsh’s position in Africa’s major business sectors, including mining and minerals, power, telecoms, transport and construction. The transactions are subject to regulatory and other approvals, and are expected to e finalised in the first quarter of this year. – Londiwe Buthelezi