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LONDONThe book of business of Price Forbes Ltd., the London-based global wholesale brokerage arm of Marsh & McLennan Cos. Inc., has been acquired by newly incorporated Price Forbes & Partners Ltd. in a management buyout.
Terms of the deal were not disclosed.
Price Forbes & Partners is a wholly owned subsidiary of PFIH Ltd., an investment holding company owned by employees.
Price Forbes Ltd. places marine, nonmarine, power, energy and construction business, among other lines.
Price Forbes & Partners has "acquired the exclusive rights to invite renewal of the existing book of Price Forbes business," the company said in a statement.
All members of staff employed by Price Forbes will transfer to the new company.
"We are delighted to have completed this transaction, to have gained our independence and to have brought to an end the uncertainty and speculation regarding the future ownership of Price Forbes," Michael Donegan, executive chairman of Price Forbes & Partners, said in a statement.
Marsh last year sold its main wholesaler operation, Crump Group Inc., to private equity firm J.C. Flowers & Co. L.L.C. (BI, Sept. 12, 2005). That deal included the Hamilton, Bermuda, office of Price Forbes.