Marsh & McLennan, the┬áglobal┬áinsurer, has acquired Alexander Forbes Risk Services suites in Africa as it positions itself to be a major player in the insurance industry across the continent.
The move is as a result of the long time behind the scenes activities by Alexander Forbes┬áwhich has been looking at the options of spanning off the┬áinsurance and risk services. Alexander Forbes is also involved┬áwith the pension fund administration.
In a statement issued out this week,┬áMarsh said it had agreed to acquire 100 percent of Alexander Forbes Risk Services,┬ácorporate and commercial, in South Africa and sub-Sahara Africa.
Marsh will also get the AfriNet, including the Risk Services in Botswana.
The new developments still to be┬ásanctioned by competition commission across the continent will leave Alexander Forbes lean┬áand more focused on financial services business.
“We in turn will be able to focus on our growth strategy, which is driven by the desire to enhance our retail strategy; pave the way for our financial services business in the rest of Africa; and expand penetration into the public sector,” Alexander Forbes said in a statement.
The deal, if┬ápassed by┬ácompetition commissions in Africa, will give Marsh a much needed support as it looks forward to being one of the leading insurance companies in Africa. It will benefit from the extensive networks built by Alexander Forbes Risk Services over the years.
“We believe the transaction is absolutely in the best interest of stakeholders, contributing as it does to our higher purpose to serve in a┬áway that ensures we enrich our people’s lives by having consistently positive impact on the peace of mind and financial well being of clients and colleagues, shareholders and suppliers, community and the country,” Alexander Forbes Botswana said.
Aiden Rose,┬ágeneral manager at AFRS Botswana will┬ácontinue to guide the┬áBotswana operation as it navigates its way into the new partnership.