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Sunday, July 15 2018 @ 08:53 PM EDT

Marsh to acquire majority stake in Panama broker Semusa

InsuranceMarsh L.L.C. has agreed to acquire a majority stake in Seguros Morrice y Urrutia S.A., an insurance broker based in Panama City.

Terms of the transaction were not disclosed. As of March 30, Semusa had $2.8 million in assets and more than 75,000 clients, Marsh said Wednesday in a statement.

With a staff of 196 professionals, Semusa has been Marsh’s local correspondent broker in the region for 15 years, according to the statement. The combined entity, operating as Marsh Semusa, will unite the operations of Semusa and the global capabilities of Marsh to provide more services to clients of all sizes in Panama, Marsh said.

“Panama is one of the fastest-growing economies in the world,” Peter Zaffino, president and CEO of Marsh, said in the statement. “The country has seen significant expansion across the financial services, infrastructure, construction, energy, logistics and transportation sectors.”

Samuel Urrutia, currently president of Semusa Group, will become chairman of the board of Marsh Semusa, while Emanuel Abadia, currently CEO of Semusa, will become CEO of Marsh Semusa, according to the statement. (Press Release)

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