Marsh acquires HSBC Insurance Brokers for 135 mn pounds

MUMBAI: US-based insurance broker Marsh today said it will acquire HSBC Insurance Brokers (HIBL) for 135 million pounds (around Rs 1,000 crore) in a stock and cash deal.

Marsh expects to close the deal by the first quarter of 2010 after securing all relevant regulatory approvals, a press release issued here said.

Under the terms of the preferred strategic partnership between Marsh and HSBC, Marsh will have preferred access to provide insurance broking and risk management services to HSBC's corporate and private clients, the release said.

HIBL is a London-headquartered international provider of risk intermediary and risk advisory services with approximately 1,400 employees. It is a leading player in India with offices in Mumbai, Kolkata and New Delhi.

"We are particularly excited by the opportunities available to us through the PSP with HSBC. It will enable us to leverage HSBC's global network and banking relationships to generate new business," Marsh's Chairman and CEO, Dan Glaser said.

Marsh is one of the leading insurance broker and risk adviser globally and has over 23,000 employees. It provides advice and transactional capabilities to clients in over 100 countries.