September 18, 2009 by Canadian Underwriter
Marsh Inc. has announced the acquisition of International Advisory Services Ltd. (IAS), a captive and third-party insurance company in Bermuda.
Terms of the transaction were not disclosed.
“The acquisition strengthens Marsh’s position as a global leader in managing captive insurance companies and its rank as Bermuda’s largest captive management organization,” according to a Marsh release.
Marsh manages more than 1,100 captives headquartered in 31 countries and other jurisdictions around the world that have specific regulations to accommodate these types of businesses.
Almost all of the more than 150 captives that IAS manages are located in Bermuda.
As the two firms combine their operations, David Ezekiel, founder and CEO of IAS, and David Pickering, executive vice president and chief operating officer, will be joining the leadership team of Marsh’s Global Captive Solutions Practice, which is led globally by Michael Cormier and includes Jill Husbands in Bermuda, and other representatives from around the world.
“IAS is a well-managed company that represents an excellent fit with our business, both from a strategic perspective and culturally with its longstanding reputation for excellent client service,” Dan Glaser, chairman and CEO of Marsh, said in a release. “This combination reflects Marsh’s commitment to continue to invest in our core businesses around the world and to remain at the forefront of our industry in offering a full spectrum of solutions to clients’ risk management needs.”