Marsh to Acquire Dominican Republic-Based Franco & Acra Tecniseguros
Cements Long-Standing Relationship to Become Leading Broker and Risk Adviser in Fast-Growing Caribbean Economy
SANTO DOMINGO, Dominican Republic--(BUSINESS WIRE)-- Marsh, a global leader in insurance broking and risk management, today announced that it has reached a definitive agreement to acquire Franco & Acra Tecniseguros, the leading insurance adviser in the Dominican Republic and Marsh's long-standing local correspondent broker. Terms of the transaction were not disclosed.
The transaction, which is anticipated to close in the second quarter of 2013, will give Marsh a leadership position in one of the Caribbean's largest economies. Operating under the name Marsh, Franco & Acra, it will combine the long-established and highly regarded operations of Franco & Acra Tecniseguros, with the global solutions, resources and placement capabilities of Marsh to provide an enhanced service to clients of all sizes that will be unsurpassed in the Dominican Republic. Franco & Acra Tecniseguros has been Marsh's local correspondent broker since 1977.
Peter Zaffino, President and CEO of Marsh Inc., said: "The Dominican Republic has one of the strongest economies in the Caribbean, and I am excited by the opportunity to offer companies there the full range of Marsh's regional and global capabilities. This transaction solidifies the successful long-established relationship Marsh has had with Franco & Acra Tecniseguros. We look forward to working with their respected local management team and colleagues to further broaden their already deep client relationships by offering an enhanced global service and greater specialization across diverse sectors and industries."
Enrique Valdez, Managing Partner of Franco & Acra Tecniseguros, who will become CEO of Marsh, Franco & Acra, said: "Strong economic growth in recent years has increased the demand for a higher level of risk advice from companies looking to expand. By further consolidating our relationship with Marsh, we will strengthen and enhance the capabilities that Franco & Acra Tecniseguros has built up over many years and present the most comprehensive risk and insurance offering in the local market. It will ensure that clients have access to the full range of risk solutions to suit their particular needs.
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYS: MMC) , a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy, and human capital. With over 53,000 employees worldwide and annual revenue exceeding $11 billion, 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.
KEYWORDS: United Kingdom United States Europe North America Caribbean Dominican Republic New York
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