NEW YORK--(BUSINESS WIRE)--Marsh, a global leader in insurance broking and risk management, today announced that it has signed a definitive agreement to acquire Torrent Technologies, Inc., a leading service provider to Write Your Own (WYO) insurers participating in the National Flood Insurance Program (NFIP). The transaction is subject to customary closing conditions. Terms were not disclosed.
Torrent’s approximately 100 employees will combine with Marsh’s existing flood insurance specialists and remain headquartered in Kalispell, Montana, to create a Flood Center of Excellence, offering the industry’s most comprehensive suite of flood insurance products and services.
“Torrent Technologies is widely recognized as having the most advanced and unique suite of cloud-based technology solutions that interface with WYO insurers and the NFIP, including real-time, paperless claims handling and web-based pricing tools,” said Peter Zaffino, President and CEO of Marsh. “We are excited about the opportunities this partnership presents for us as we look to further innovate in the flood insurance segment.”
Travis Pine, Chairman and CEO of Torrent, added: “We have always been impressed with Marsh’s flood experience and strong commitment to the NFIP. We couldn’t be happier to join the firm and are excited that this combination will provide our clients the most advanced and holistic suite of NFIP-related capabilities available in the market.”
The transaction marks an expansion of the existing relationship between the two firms. In 2013, Marsh began using Torrent’s platform to access the NFIP.
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 26,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With 55,000 employees worldwide and annual revenue exceeding $12 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook, and YouTube.