Guy Carpenter, the reinsurance specialist and a business of Marsh McLennan, announced it has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-based regional leader in the reinsurance broking and advisory business.
Terms of the transaction, which is expected to close before the end of the year, were not disclosed. The acquisition follows successful 11-year joint venture between Guy Carpenter and Carpenter Turner.
As part of the transaction, Carpenter Turner’s CEO, Alexander Turner, will become CEO of Guy Carpenter Greece reporting to Julian Enoizi, CEO, Guy Carpenter Europe. Turner will be responsible for leading all of the firm’s reinsurance business in Greece and Cyprus, and will closely collaborate locally with Marsh McLennan’s other businesses, including Marsh, Mercer, and Oliver Wyman, to support clients.
Established in 2013, Carpenter Turner is a joint venture between local management and Guy Carpenter. With deep reinsurance experience in the Greek and Cypriot markets, as well as a sizeable presence in the Balkans and Turkey, the joint venture has brought together the significant regional knowledge and expertise of the Greek team with Guy Carpenter’s extensive analytical resources and access to international markets.
On completion, Carpenter Turner will operate as Guy Carpenter Greece. The combined entity will deliver Guy Carpenter’s comprehensive range of global capabilities, solutions, and advice, including treaty and facultative reinsurance, industry-leading data and analytics, strategic advisory, and capital markets solutions.
“Following our successful joint venture launch 11 years ago, our acquisition of the remaining shares in Carpenter Turner is an exciting milestone for our colleagues and clients alike,” commented Dean Klisura, president & CEO of Guy Carpenter, in a statement.
“The combined business will enable us to deliver market-leading solutions and further signals our ongoing commitment to investing in Southern Europe,” Klisura said. “We’re excited to leverage this powerful combination of our fully integrated resources and expertise as one firm and look forward to continuing to support our clients’ needs.”
“This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter,” according to Turner. “Our team will now have access to unrivalled risk and reinsurance services and solutions, as well as a global network that can support our further growth ambitions.”
Source: Guy Carpenter
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