Marsh, a global insurance broker and risk advisor, has acquired the majority share in Moroccan insurance broker Beassur Marsh and named the company’s CEO.
The announcement follows Marsh’s acquisition of a stake in the company in June 2019. Terms of the transaction were not disclosed.
On completion, Beasur Marsh will operate as Marsh Morocco.
The acquisition will allow Marsh to offer insurance and risk advisory services to clients across North and West Africa.
Mehdi Tazi, currently CEO of Beassur Marsh, will become CEO of the division. He will be supported by Anis Safraoui, head of North & Western Africa, Marsh, and other members of the combined leadership team across the region.
Headquartered in Casablanca, the Beassur Marsh team will become part of Marsh’s expanding network of dedicated regional expertise across the Africa region.
As well as benefitting from local knowledge and experience, clients will also have access to Marsh’s global resources and capabilities, including insurance, reinsurance, and benchmarking, data and analytics solutions, through Marsh’s international placement teams and its leading risk advisory services.
Christos Adamantiadis, CEO, Middle East and Africa, Marsh, said, “Following our successful investment three years ago, we’re excited to acquire a majority stake in Beassur Marsh as we continue to develop our expertise and support our clients in the Moroccan insurance market. The combined business will enable us to invest further in the business and set a new standard for insurance and risk advisory services in North and West Africa.”
Mehdi Tazi, CEO, Beassur Marsh, added, “Through Marsh’s network, leading Moroccan businesses will, for the first time, have local access to unrivalled risk and insurance services and solutions than can support them in realising their growth ambitions and enhance their contribution to the region’s wider economic success. I look forward to working with our clients and colleagues, as we bring our organizations together and realise the tremendous, combined opportunities we face.”
Earlier this week, Marsh placed insurance for the first space rocket launch from UK soil.
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