Combined Entity Will Be Leading Insurance Broker in Scotland;
Central Insurance MD Iain Henry to Lead Marsh in Scotland
Marsh today announced that it had reached a definitive agreement to acquire Aberdeen-based Central Insurance Services, the leading independent insurance broker in Scotland. The transaction, which is anticipated to close later in the first quarter of 2014, cements Marsh’s already strong leadership position in Scotland and enhances its ability to service corporate clients across a range of industry sectors as well as high net worth individuals. Terms were not disclosed.
Established in 1973 and with offices in Aberdeen, Edinburgh, Glasgow, and Kendal in the North of England, Central Insurance provides insurance broking and risk advisory services to companies of all sizes across industry sectors, with particular expertise in Scotland’s oil and gas sector as well as financial services, construction, and agriculture. It also has an extensive private client offering, specialising in providing tailored insurance solutions for individuals and families.
On closing, Iain Henry, Managing Director of Central Insurance, will become Head of Marsh’s operations in Scotland.
Peter Zaffino, President and CEO of Marsh Inc., said: “This transaction is demonstration of Marsh’s commitment to expanding our capabilities in Scotland. It builds on our already leading position in the Scottish market and enables us to provide enhanced services to both local and multinational companies operating across the most important sectors in the Scottish economy."
Mr Henry added: “This transaction is good news for our clients, good news for our colleagues and good news for Scotland. Clients will benefit from the enhanced range of services; our colleagues will enjoy expanded career opportunities; and businesses throughout Scotland will be able to access a broader range of capabilities to manage their business risks more effectively. The combination of the two businesses creates a particular concentration of oil and gas expertise. We look forward to working with the team at Marsh to bring an enhanced service to our clients in this and other sectors.”
David Batchelor, President of Marsh’s International Division, commented: “This is a highly-complementary transaction for Marsh. With the addition of the team from Central Insurance we will create a strategic hub for offshore energy, and related onshore services, in Scotland.”
Mark Weil, CEO of Marsh UK & Ireland, said: “The addition of the team from Central Insurance will enhance our ability to deliver services to companies of all sizes in Scotland, particularly those in the energy sector, further enabling us to support those operating in the UK’s emerging shale gas industry.”
Joe Grogan, CEO of Marsh’s Corporate business in the UK & Ireland, added: “In addition to its sector expertise, Central Insurance has also built a compelling offering for both SME and personal clients. When combined with Marsh’s existing capabilities in Scotland, we will be able to offer them world-class services and solutions.”
About Central Insurance Services
Central Insurance was established in 1973 and employs about 130 people in its Aberdeen, Glasgow, Edinburgh, and Kendal offices. The company specialises in providing insurance and risk management solutions to the corporate and commercial sectors, including the energy industry.
Marsh is a global leader in insurance broking and risk management. We help clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. We have approximately 27,000 colleagues working together to serve clients in more than 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With more than 54,000 employees worldwide and approximately $12 billion in annual revenue, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.