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Marsh completes acquisition of FEMI Johnson & Company, Nigeria

19 June 2013 Marsh

Marsh today announced that it has completed its previously-announced acquisition of Alexander Forbes’ interest in Nigerian insurance broker Femi Johnson & Company Ltd (FJC). This transaction follows Marsh’s acquisitions last year of Alexander Forbes’ Sout

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. IBN has enjoyed a long and successful relationship of almost 60 years with Marsh. Subject to regulatory approvals, the combined operations of IBN and FJC will become the leading insurance broker and risk adviser in Nigeria.

Commenting on the acquisition of the interest in FJC, Jurie Erwee, CEO of Marsh Africa said: “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. We look forward to contributing to the country’s continuing growth through the provision of our specialist expertise.”

Brian Blake, Vice Chairman of Marsh Africa, added: “Our new team in Nigeria is well placed and resourced to support the country’s development, especially in such major economic sectors as agriculture, infrastructure, power and energy. By drawing on Marsh’s global industry and placement skills, they will be able to enhance the service they offer local companies. Their clients will benefit from the broad range of risk management expertise Marsh Africa already provides companies across the sub-Saharan region.”

According to David Johnson, CEO of FJC: “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. Marsh’s deep industry expertise and insurance market knowledge will be a valuable asset for local enterprises wanting to grow and expand.”

Commenting on the announcement of a future merger, Prosper Okpue, Executive Vice Chairman of IBN, said: “For well over half a century, IBN has been a proud member of the Marsh family. Our successful collaboration has resulted in a dramatic expansion in the services and solutions we have offered a growing range of clients. Along with all IBN stakeholders, both colleagues and shareholders, I am excited at the considerable opportunity provided by the intended combination of FJC with our operations. Together, we will present an offering for clients that will be unsurpassed in Nigeria.”

Quick Polls

QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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