Marsh acquires benefits brokerage for Japanese firms in U.S.Reprints
Marsh L.L.C. has acquired Sumitomo Life Insurance Agency America Inc., the employee benefits brokerage of Osaka, Japan-based Sumitomo Life Insurance Co., Marsh said Thursday.
A Marsh spokeswoman declined to comment on the terms of the deal, which were not disclosed.
Based in New York, Sumitomo Life Insurance Agency America provides employee benefits to U.S.-based subsidiaries of Japanese companies, Marsh said in the statement.
As part of the deal, Sumitomo Life Insurance Agency America employees will become part of Marsh’s Asia Client Services team, reporting to New York-based John McDonnell, president and CEO of Asia Client Services in the United States, Marsh said.
They will relocate to six existing Marsh Asia Client Services offices in New York; Los Angeles; Irvine, California; Atlanta; Columbus, Ohio; and Cincinnati, the spokeswoman said.
Masato Naitoh, Sumitomo Life Insurance Agency America’s president, and four other employees will return to Sumitomo Life Insurance Co. in Japan, as Marsh cannot legally sponsor L-1 visas, the spokeswoman said.
“Japanese multinationals continue to look to the United States for global expansion, and they need a global risk and insurance adviser that understands their corporate culture and the environment in which they operate,” Hirofumi Shimoyama, Marsh’s Japan country head and global Japan client services leader, said in the statement. “The acquisition of SLIA is further testament to Marsh’s commitment to serve this dynamic market segment.”
Marsh & McLennan Cos. Inc. is the largest insurance broker in the world, according to Business Insurance’s latest ranking.