NEW YORK--(BUSINESS WIRE)--Marsh, a global leader in insurance broking and risk management, today announced the acquisition of Sumitomo Life Insurance Agency America, Inc.(SLIA), the employee benefits brokerage and consulting subsidiary of Sumitomo Life Insurance Company of Japan. Terms of the transaction were not disclosed.
With offices in New York, Los Angeles, Atlanta, Chicago, and Crescent Springs, Kentucky, SLIA specializes in providing a wide range of employee benefit and other services to US-based subsidiaries of Japanese companies.
SLIA employees will become part of Marsh’s Asia Client Services (ACS) team under the leadership of John McDonnell, president and CEO of ACS in the US.
“Sumitomo Life Insurance Agency America is a high-quality employee benefits firm with a solid reputation for client service excellence,” said David Batchelor, head of Marsh’s International Division. “Combined, Marsh ACS is better positioned to offer clients a full range of health, benefit, and property/casualty solutions.”
Hirofumi Shimoyama, Marsh’s Japan Country Head and Global Japan Client Services leader, added: “Japanese multinationals continue to look to the US for global expansion and they need a global risk and insurance advisor that understands their corporate culture and the environment in which they operate. The acquisition of SLIA is further testament to Marsh’s commitment to serve this dynamic market segment.”
“I am delighted that SLIA will become part of Marsh ACS,” said Masato Naitoh, SLIA’s president.
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 27,000 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 people. With 57,000 colleagues worldwide and annual revenue exceeding US$13 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.