Insurance broking and risk management firm Marsh has acquired Sumitomo Life Insurance Agency America. The deal strengthens Marsh’s employee health and benefit offering for US-based Japanese companies. Terms of the transaction have not been disclosed.
Sumitomo Life Insurance Agency America (SLIA) is the employee benefits brokerage and consulting subsidiary of Sumitomo Life Insurance Company* founded in 1986. The company provides a wide range of employee benefit and other services to US-based subsidiaries of Japanese companies. SLIA has offices in New York, Los Angeles, Atlanta, Chicago, and Crescent Springs, and Kentucky.
In line with its ambition to strengthen its employee health and benefit capabilities for Japanese companies in the US, consulting firm Marsh decided to acquire SLIA. As part of the deal, SLIA’s employees will be incorporated in Marsh’s Asia Client Services (ACS) team and work under John McDonnell, President and CEO of ACS in the US.
Explaining the benefits of the acquisition for Marsh, David Batchelor, Head of Marsh’s International Division, says: “Sumitomo Life Insurance Agency America is a high-quality employee benefits firm with a solid reputation for client service excellence. Combined, Marsh ACS is better positioned to offer clients a full range of health, benefit, and property/casualty solutions.”
Hirofumi Shimoyama, Marsh’s Japan Country Head and Global Japan Client Services Leader, adds: “Japanese multinationals continue to look to the US for global expansion and they need a global risk and insurance advisor that understands their corporate culture and the environment in which they operate. The acquisition of SLIA is further testament to Marsh’s commitment to serve this dynamic market segment.”
* Sumitomo Life Insurance Company is one of the largest life insurance companies in Japan founded in 1907, which offers individual, group life, and long-term care policies, as well as accident, fire, and auto insurance, pension plans, and asset management.