Guy Carpenter, the reinsurance broking arm of Marsh McLennan, is set to acquire the leading independent operator in its field in Israel, a brokerage named Re Solutions.
Re Solutions was founded in 2010 and has been Guy Carpenter’s correspondent broker in Israel since 2011, meaning this acquisition builds on a strong relationship between the two firms.
The transaction is expected to close later this quarter and terms were not disclosed.
Once complete, the combined operation of Re Solutions and Guy Carpenter in Israel will be Israel’s leading reinsurance broker, with a comprehensive range of capabilities and solutions for clients.
Guy Carpenter said it will also offer it a platform to provide a full complement of services, including its insurtech expertise to the Israeli market, a leading insurtech and fintech hub.
Asaf Grinstein, Re Solutions’ current CEO, will take on the position of CEO of Guy Carpenter Israel, reporting to Dorothée Mélis-Moutafis, Interim CEO of Guy Carpenter Europe.
All of the Re Solutions’ team will also join Guy Carpenter.
Grinstein will lead all reinsurance business in Israel, as well as all collaboration with Marsh McLennan’s other businesses, including Marsh Israel, Mercer and Oliver Wyman.
Dean Klisura, President & CEO of Guy Carpenter, commented on the news, “The combination of Re Solutions’ well-established Israel operations and respected team together with Guy Carpenter’s global solutions and services, will bring significantly enhanced benefits to clients across Israel. Insurers in this fast-growing economy are looking for brokers and advisers that can help them address key issues in an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in Israel, gives us a powerful platform to deliver for clients.”
Grinstein also said, “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter and is great news for our clients and colleagues. By combining our expertise with Guy Carpenter’s industry-leading data & analytics, strategic advisory, and capital markets solutions, we will be able to accelerate our development and enhance the services we offer to clients and prospects.”
Re Solutions brings Guy Carpenter industry experience, sophisticated actuarial and analytics capabilities, and a reputation for developing innovative, client-focused solutions, including an extensive facultative reinsurance offering.
