Marsh To Buy Majority Stake In Semusa, Terms Not Disclosed - Quick Facts

(RTTNews) - Insurance brokerage Marsh & McLennan Cos., Inc. (MMC) Wednesday said it has reached a definitive agreement to acquire a majority stake in Semusa, an insurance broker and advisor in Panama and Marsh's long-standing local correspondent broker. Terms of the transaction were not disclosed.

Marsh & McLennan stated that the transaction will strengthen its leadership position in the Central America and Caribbean region. The transaction is anticipated to close in the third quarter of 2014.

Semusa is Marsh's local correspondent for 15 years.

Upon closing, Samuel Urrutia, President of Semusa Group, will become Chairman of the Board of Marsh Semusa, reporting to Ricardo Brockmann, CEO of Marsh Latin America and Caribbean.

Emanuel Abadia, currently CEO of Semusa, will become CEO of Marsh Semusa, reporting to Jose Vergara, Head of Marsh Central America and the Caribbean.