Marsh Acquiring Saldana & Associates
NU Online News Service, Oct. 8, 9:29 a.m. EST?Risk and insurance services firm Marsh Inc. announced today it has signed a letter of intent to acquire Saldana & Associates, the leading insurance broker in Puerto Rico and the Caribbean.
No terms were announced for the deal. Marsh said finalization of the transaction is subject to the customary conditions.
Marsh said Saldana, currently a Marsh correspondent, was established in 1972. The company has a staff of 170 professionals, operating from offices in San Juan and Ponce, and serves a diversified book of local and multinational clients in the region.
Marsh, is a subsidiary of Marsh & McLennan Companies, a global professional services firm.
"This business combination with Saldana will provide important service benefits for Marsh's clients in Puerto Rico and the Caribbean," said Robert J. Solomon, chairman and chief executive officer of Marsh's International Specialty Operations. "It also will give us a strong base for accelerating the growth of our business in the region."
He said Saldana's senior management team of Ralph Christiansen, president; Eduardo Emanuelli, executive vice president, Ruben Jordan, treasurer; and board members Joe Murray, Francisco Tirado, Alfonso Lozada, Jaime Calaf and Manuel Mendez; as well as the firm's other partners and executives, will continue in their current positions.
"By joining with Marsh, we will combine our strong regional presence with access to the most extensive global resources available in the risk management and insurance broking field," Mr. Christiansen said. "I know our clients will welcome this linking of capabilities."
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