Marsh to acquire Jelf

Broker Marsh has agreed to acquire independent insurance broker Jelf for 215p per share.

Marsh said that the acquisition will further develop its ability to expand the services it provides to UK small and medium-sized enterprises (SMEs), in line with its global ambition in this segment.

As part of its ambitions, the broker has recently acquired Leeds-based SMEi Insurance Services and Aberdeen-based Central Insurance Services.

Marsh added that the addition of Jelf’s businesses will also significantly strengthen its distribution platform through their branches, affinity partners and direct channels.

Founded in 1989, Jelf has 37 offices across the UK and provides expert advice to over 100,000 businesses and individuals on matters relating to insurance, healthcare, employee benefits and financial planning.

Mark Weil, Marsh’s chief executive officer (CEO) for UK and Ireland, said: “Jelf and Marsh are highly complementary businesses, both in terms of business and values.

“This transaction underlines Marsh’s commitment to setting the standard for providing advice and products that meet the risk, financial services and insurance needs of individuals and companies of all sizes across the UK.

“We have the highest regard for the management and team at Jelf and expect they will be a huge asset as, together, we provide the market-leading suite of solutions to our clients. We look forward to welcoming Alex and his team to Marsh.”

Alex Alway, CEO of Jelf Group, added: “I am extremely proud of the business that we have built since Jelf was founded in 1989. Every one of our colleagues has contributed to our deserved reputation for developing long-lasting, trusted adviser relationships with our clients.

“As our clients’ needs have continued to evolve, the board and executive management team have given much thought about how best we meet their growing expectations. At the same time, we want to ensure that our colleagues are given the greatest opportunities to develop their careers. I am confident that this transaction is great news for our clients and colleagues alike.”