Marsh & McLennan May Buy HSBC’s Insurance Brokerage Unit
Less than a month ago insurance broker Marsh & McLennan CEO Brian Duperreault announced that he was going on a buying spree for acquisitions that would be “relatively small” individually, but “mighty” collectively. Duperreault, the former boss of Ace Ltd., moves fast. The latest rumor in the London Daily Telegraph is that Marsh is in “advanced talks” with HSBC, the world’s third largest bank by market capitalization, to buy its HSBC Insurance Brokers Ltd. unit. The unit itself is the ninth largest broker in the United Kingdom with a value of as much as $330 million. Both Marsh and HSBC Insurance declined comment, according to Business Insurance. Under Duperreault, who took over in January 2008, Marsh has regained some of its former bravado. What…
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