KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL
FANews
FANews
RELATED CATEGORIES

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

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
fanews magazine
FAnews November 2020 Get the latest issue of FAnews

This month's headlines

Customer experience in the ‘now’ generation
Is our industry a tainted industry?
How to keep brokers out of the firing line
Getting to grips with contractual versus delictual liability
International trusts and tax consequences
The COVID-19 pandemic and medical schemes
Subscribe now