Marsh to acquire Majority Stake in Panama broking Semusa

Marsh announced that it has reached a definitive settlement to acquire a majority stake in Panamanian coverage broker and guide Semusa, Marsh’s long-standing neighborhood correspondent broking.

terms of the transaction had been no longer disclosed. it's miles anticipated to shut within the 0.33 region of 2014.

Marsh’s bulletin stated the transaction would support its “leadership role within the important america and Caribbean vicinity and follows the acquisition of Franco & Acra Tecniseguros in the Dominican Republic final year.

“working beneath the call Marsh Semusa, the blended entity will convey together the long-set up and fairly-regarded operations of Semusa, with the global footprint, answers, and site competencies of Marsh to offer an better service to clients of all sizes in Panama.

Semusa has been Marsh’s local correspondent for 15 years. Upon ultimate, Samuel Urrutia, President of Semusa organization, becomes Chairman of the Board of Marsh Semusa, reporting to Ricardo Brockmann, CEO of Marsh Latin the us and Caribbean. Emanuel Abadia, presently CEO of Semusa, will become CEO of Marsh Semusa, reporting to Jose Vergara, Head of Marsh primary the us and the Caribbean.

Peter Zaffino, President and CEO of Marsh LLC, said: “Panama is one of the fastest developing economies in the world, and i'm excited that Marsh’s first office in relevant america might be located in one in every of its most dynamic commercial enterprise environments. The u . s . a . has visible good sized expansion throughout the monetary offerings, infrastructure, production, energy, logistics and transportation sectors. We look forward to supplying organizations in Panama the overall variety of our international and regional capabilities.”

Urrutia mentioned that sturdy monetary boom in current years “has expanded the call for for a better level of risk advice from organizations looking to make bigger.” He added that via “further cementing our relationship with Marsh, we are able to support and beautify the capabilities that Semusa has built up over a few years and gift the most complete threat and insurance presenting within the local market.”

David Batchelor, President of Marsh’s international department, brought: “This transaction consolidates the successful relationship Marsh has had with Semusa considering 1999. We stay up for working with their respected neighborhood management crew and associates to in addition expand their already deep client relationships.”