Marsh to buy HSBC Insurance Brokers

HSBC building London

Marsh has today announced it has reached an agreement to acquire HSBC Insurance Brokers (HIBL), a wholly owned subsidiary of HSBC Bank.

Marsh will pay £135m for HIBL in a mixture of Marsh & McLennan Companies stock and cash. The transaction is expected to be completed in the first quarter of 2010 subject to all relevant regulatory approvals.

As predicted by Insurance Age, Marsh has also entered into a preferred strategic partnership (PSP) with HSBC which, according to Marsh, will provide

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