Marsh acquires Jelf for £258m

clock

Marsh has reached an agreement to acquire Jelf, with the entire share capital of Jelf being bought at 215p per Jelf Share, for a total price of £258m for all shares.

The possibility of a takeover was announced on the London Stock Exchange in August 2015.

The acquisition has been approved by the directors of Jelf, who will recommend to shareholders to vote in favour of the scheme at a Court Meeting and General meeting to approve the deal.

Marsh has also received irrevocable undertakings for votes in favour from others holding 54% of voting shares, in addition to the directors'.

Jelf, founded in 1989 has 37 offices in the UK and the acquisition follows Marsh's acquisition of Leeds-based SMEi Insurance Services and Aberdeen-based Central Insurance Services, adding to Marsh's services provided to UK SMEs.

Alex Alway, CEO of Jelf Group plc, said: "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."

Mark Weil, CEO for UK & Ireland at Marsh, said: "Jelf and Marsh are highly complementary businesses, both in terms of business and values.

He added: "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."

Further reading:

Chase Templeton buys Atlas Consulting in ‘biggest ever acquisition'

Unum acquires National Dental Plan

Health Assured acquires Capita Health and Wellbeing

 

More on Adviser / Broking

FCA releases guidance for social media ads

FCA releases guidance for social media ads

Warnings to firms and ‘finfluencers’

Cameron Roberts
clock 26 March 2024 • 1 min read
COVER Summit North: Gallery

COVER Summit North: Gallery

Event debuted in Warrington

COVER
clock 22 March 2024 • 1 min read
IPTF announces 7 Advisers cohort

IPTF announces 7 Advisers cohort

Second season to start production

Cameron Roberts
clock 21 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read