Marsh to Acquire SME Insurance Services (SMEi)
New York | June 01, 2015
Acquisition Creates Platform to Develop Presence in Fast-Growing Commercial Market
Marsh, a global leader in insurance broking and risk management, today announced that it had reached a definitive agreement to acquire Leeds-based SME Insurance Services (SMEi), an independent broker that provides specialist commercial insurance to small and midsize enterprises across the UK. Terms of the transaction, that is expected to close in the third quarter of this year, were not disclosed.
SMEi has developed a highly effective online and telephone-based business model which enables it to provide clients with flexible and comprehensive insurance solutions, tailored to their individual requirements, regardless of size or risk profile. SMEi also operates Broker2Broker, an online trading platform that offers independent insurance brokers access to a wide range of products through a panel of commercial insurers.
On closing, Roger Snowden and Jason Gandy, co-founders of SMEi, will join Marsh to help drive forward its small and midsize enterprise strategy, reporting to Julie Page, CEO of Marsh’s UK Commercial and Consumer Division.
“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 (CIS). Marsh identified both SMEi and CIS as high quality, fast-growing businesses,” said Mark Weil, CEO, Marsh UK & Ireland. “The SMEi online and call center 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.”
Jason Gandy, co-founder of SMEi, said: “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.”
About SME Insurance Services
SME Insurance Services Ltd, established in 2002, is an independent broker providing specialist commercial insurance to small and midsize businesses. With many years of experience in catering for the needs of the business community, and over 40,000 business policies currently in place, SME provides an insurance product range for all of today's varied business needs. SME Insurance Services was ranked Yorkshire’s second-fastest growing small company and the 20th fastest growing company overall in a recent survey.
Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $17 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.