Marsh and Aon neck-and-neck as largest captive managers
Marsh has acquired International Advisory Services (IAS) - Bermuda's largest independent manager of captive and third party insurance companies - adding over 150 captives to its portfolio.
Based on figures from 2008, the move puts Marsh at least on a par with rival broking giant Aon. And, pending final confirmation of the total number of captives acquired in the IAS deal, the transaction may have pushed Marsh marginally ahead in the global captive management stakes.
At the end of 2008, Aon's captive management unit - Aon Global Insurance Managers - was responsible for 1,269 captives, while Marsh Global Captive Solutions managed 1,120 captives. But the latest acquisition could boost Marsh's number to over 1,270.
David Ezekiel, founder and CEO of IAS, and David Pickering, executive vice president and COO, will be joining the leadership team of Marsh's Global Captive Solutions Practice, which is headed up by Michael Cormier.
Dan Glaser, chairman and chief executive officer of Marsh, described the IAS acquisition as "an excellent fit with our business".
Worldwide, Marsh manages captives with headquarters in 31 countries and other jurisdictions around the world.