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HELSINKI, FinlandMarsh Ltd. in London said Friday it had acquired the business of Heath Lambert Finland Oy, the country's third largest insurance broker.
The acquisition is considered another important step for Marsh in its "ambitious plan for growth in the Nordic region," said Alex Moczarski, chief executive officer of Marsh Inc.'s Europe, Middle East and Africa operations. Terms of the deal were not disclosed.
O. P. Puikkonen, CEO of Marsh in Finland said: "Acquiring the business of HLF Oy helps us in building a critical mass of business in Finland. In particular, HLF Oy's acknowledged strengths in the real estate industry and middle market are an ideal complement to Marsh's existing client base."
According to 2005 figures, the most recent available from the Finnish Insurance Supervisory Authority, Marsh will have a pro-forma market share of 47.5% in Finland measured by nonlife insurance premiums. In 2005, Marsh alone had 36.2% of the market. Aon Corp. was the second largest non-life broker in Finland with a 23.4% market share.