INSPENONLINE: Marsh completes acquisition of Alexander Forbes’ interest in Femi Johnson & Company

Friday 21 June 2013

Marsh completes acquisition of Alexander Forbes’ interest in Femi Johnson & Company

Marsh, the global leader in insurance broking and risk management, has acquired Alexander Forbes’ interest in Nigerian insurance broker Femi Johnson & Company Ltd (FJC).

Marsh completed the previously-announced acquisition on Thursday.

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.

Subject to regulatory approvals, the combined operations of IBN and FJC will become the leading insurance broker and risk adviser in Nigeria.

This transaction follows last year's acquisitions of Alexander Forbes’

South African insurance broking operations, Alexander Forbes Risk Services and related ancillary operations, as well as Alexander Forbes’ insurance broking operations in Botswana, Malawi, Namibia, Uganda, and Zambia.

Jurie Erwee, Chief Executive Officer of Marsh Africa, commenting on the latest deal, said Nigeria was a strategic market.

“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" said Erwee.

Erwee said the company was looking forward to contributing to the country’s continuing growth through the provision of its specialist expertise.

David Johnson, Chief Executive Officer of FJC, said Marsh’s deep industry expertise and insurance market knowledge will be a valuable asset for local enterprises wanting to grow and expand.

“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," he added.

Marsh is a wholly owned subsidiary of New York Stock Exchange-listed Marsh & McLennan Companies. It has more than 53 000 employees worldwide and annual revenue exceeding $11 billion.

Source CAJ News

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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