Acquisition Provides Technology Platform to Capitalize on Fast-Growing
Small Commercial Market in US
NEW YORK--(BUSINESS WIRE)--Aug. 6, 2015--
Marsh, a global leader in insurance broking and risk management, today
announced that it has signed a definitive agreement to acquire Dovetail
Insurance, a leading provider of insurance technology services
tailored to the US small commercial market. Terms of the transaction,
which is expected to close in the third quarter, were not disclosed.
Based in Columbia, South Carolina, Dovetail has developed an advanced
cloud-based technology platform that enables independent insurance
agents, on behalf of their small business clients, to obtain online
quotes from multiple insurance providers and bind insurance policies in
real time. The process enables independent agents to deliver faster,
better service and an expanded product selection, while giving insurance
providers access to a state-of-the art platform for distributing their
products.
"The addition of Dovetail is part of Marsh's global strategy to provide
expanded services to the small and medium-sized enterprise (SME)
segment," said John Drzik president of Global Risk & Specialties. "By
combining Dovetail's advanced technology platform with Marsh' s
industry-leading data, distribution, and access to insurance capital, we
will create an innovative online intermediation mechanism for the small
commercial insurance market."
Upon closing, Steve Francis, CEO of Dovetail, and the entire Dovetail
team, will join Marsh to help further drive its SME strategy in the US.
Dovetail will be part of Marsh's Global Risk & Specialties segment.
Dovetail's Mr. Francis added: "We are excited to join Marsh to
accelerate our market penetration, and deliver a wider array of products
to SMEs."
About Marsh
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 leader in providing risk and reinsurance intermediary
services; Mercer,
a leader in talent, health, retirement, and investment consulting; and Oliver
Wyman, a leader in management consulting. Follow Marsh on Twitter @MarshGlobal,
or on LinkedIn,
Facebook,
and YouTube.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806005775/en/
Source: Marsh
Marsh
Sally Roberts, 303-952-9453
sally.roberts@marsh.com
or
Lee
Ann Farwell, 212-345-1125
leeann.farwell@marsh.com
www.marsh.com