Abuja - Marsh, the global leader in insurance broking and risk management, has acquired Alexander Forbes’ interest in Nigerian insurance broker Femi Johnson & Company Ltd (FJC).
Marsh completed the previously-announced acquisition on Thursday.
As a shareholder in its long-standing Nigerian partner, Insurance Brokers of Nigeria Limited (IBN), Marsh also announced its intention to combine the business of its newly-acquired operations in Nigeria with IBN.
Subject to regulatory approvals, the combined operations of IBN and FJC will become the leading insurance broker and risk adviser in Nigeria.
This transaction follows last year's acquisitions of Alexander Forbes’
South African insurance broking operations, Alexander Forbes Risk Services and related ancillary operations, as well as Alexander Forbes’ insurance broking operations in Botswana, Malawi, Namibia, Uganda, and Zambia.
Jurie Erwee, Chief Executive Officer of Marsh Africa, commenting on the latest deal, said Nigeria was a strategic market.
“We are delighted that our African expansion plans are advancing so well. Nigeria is a very important part of our African strategy.
Extensive natural resources, a dynamic consumer market and strong economic development all make Nigeria an ideal market for us to offer the full spectrum of insurance broking and risk advisory services" said Erwee.
Erwee said the company was looking forward to contributing to the country’s continuing growth through the provision of its specialist expertise.
David Johnson, Chief Executive Officer of FJC, said Marsh’s deep industry expertise and insurance market knowledge will be a valuable asset for local enterprises wanting to grow and expand.
“Companies in Nigeria are looking for business opportunities both within the country and beyond.
"By making Marsh’s extensive global experience and resources available to firms locally we will enable Nigerian firms to meet the challenges of an increasingly complex risk landscape," he added.
Marsh is a wholly owned subsidiary of New York Stock Exchange-listed Marsh & McLennan Companies. It has more than 53 000 employees worldwide and annual revenue exceeding $11 billion.
- CAJ News