Marsh To Acquire Heath Lambert Asia Offices
By Mark E. Ruquet
NU Online News Service, March 11, 3:10 p.m. EST?Marsh Inc. said it is acquiring the Australia, New Zealand and Papua, New Guinea operations of London-based insurance broker Heath Lambert Group.[@@]
Marsh, a subsidiary of the New York-based service firm Marsh & McLennan Companies, said the closing of the transaction is expected shortly. Terms were not released.
Heath Lambert has 16 offices and 360 employees in the three countries, Marsh said. The operations will be integrated with Marsh Pty Ltd, which operates in the Pacific Region.
John Richardson, chairman of Marsh's Pacific Region, said the deal would be of great benefit to middle market companies.
Ian Martin, executive chairman of Heath, said this was another step in the reshaping of Heath. The firm will continue to broker wholesale business for clients in Australia.
In August of 2003, NU reported that plans by Marsh to purchase Heath Lambert Fenchurch were abandoned because the two could not agree on an asking price (see NU August 11, 2003).
The firm said it has been going through capital restructuring since its chief executive, David Margrett, left in November of last year, replaced by Mr. Martin.
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