Global insurance broking and risk management consulting firm Marsh has reached a definitive agreement to acquire specialist commercial insurance company SME Insurance Services, boosting its commercial insurance offering. The terms of the transaction have not been disclosed.
SME Insurance Services (SMEi) is an in 2002 established broker providing specialist commercial insurance to small and midsize businesses in the UK. The company has developed an online and telephone-based business model which enables flexible and comprehensive insurance solutions that are tailored to its clients’ individual requirements. In addition, SMEi operates an online trading platform Broker2Broker that offers brokers access to a wide range of products.
In line with its ambition, to develop its presence in the fast-growing commercial insurance market, consulting firm Marsh decided to acquire SMEi. The deal is expected to be finalised in the third quarter of 2015, with co-founders Roger Snowden and Jason Gandy joining Marsh to help drive forward its small and midsize enterprise strategy. Snowden and Gandy will report to Julie Page, CEO of Marsh’s UK Commercial and Consumer Division.
Commenting on the deal, Mark Weil, CEO of Marsh UK & Ireland, says: “This transaction will further enhance Marsh’s capability to serve small and midsize businesses across the UK and builds on our earlier acquisition of Central Insurance Services. […] The SMEi online and call centre platform, when combined with Marsh’s ability to provide extensive risk and insurance advice and its strong insurer relationships, will create a breakthrough in the convenience, quality, and cost of insurance solutions available to SMEs. The addition of the SMEi’s Broker2Broker platform will also bring significant benefit to the members of Marsh’s broker networks.”
Gandy adds: “Becoming part of Marsh is good news for our clients and colleagues. By combining our expertise with Marsh’s wide range of services, we will be able to accelerate our development and widen our range of products. Our colleagues will also benefit from expanded career opportunities. We look forward to becoming part of Marsh and delivering a better way for SMEs to obtain the best risk and insurance advice.”