Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-domiciled regional reinsurance broking and advisory business.
The transaction is expected to close before the end of the year, but the terms were not disclosed.
Established in 2013, Carpenter Turner is a joint venture between local management and Guy Carpenter.
The venture has deep reinsurance expertise in the Greek and Cypriot markets, along with a sizable presence in the Balkans and Turkey. It has brought together the 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 global capabilities, solutions, and advice, including treaty and facultative reinsurance, industry-leading data and analytics, strategic advisory, and capital markets solutions.
As part of the transaction, Carpenter Turner’s Chief Executive Officer (CEO), Alexander Turner, will become CEO of Guy Carpenter Greece reporting to Julian Enoizi, CEO, Guy Carpenter Europe.
Turner will lead 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.
Dean Klisura, President & CEO of Guy Carpenter, commented, “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.
“The combined business will enable us to deliver market-leading solutions and further signals our ongoing commitment to investing in Southern Europe.
“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.”
Turner added, “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter.
“Our team will now have access to unrivalled risk and reinsurance services and solutions, as well as a global network than can support our further growth ambitions.
“I look forward to collaborating with our clients, and addressing their risk challenges with innovative solutions and unparalleled insights.”
