Guy Carpenter acquires leading Israel reinsurance broker
Guy Carpenter acquires leading Israel reinsurance broker | Insurance Business New Zealand
Mergers & Acquisitions
Guy Carpenter acquires leading Israel reinsurance broker
The combined entity will be Israel’s leading reinsurance broker
Mergers & Acquisitions
By
Kenneth Araullo
Guy Carpenter, the Marsh McLennan global risk specialist, has announced its acquisition of Israel-based Re Solutions, the leading independent reinsurance broker in the country. The transaction will be closed later this quarter, although details of the sale were not disclosed.
Re Solutions was founded in 2010, with reinsurance offerings delivered by a highly regarded team of experts based out of its office in Bnei Brak. Since 2011, the Re Solutions team has been Guy Carpenter’s correspondent broker in Israel, making this transaction a strong evolution between the relationship of the two companies.
Upon completion of the deal, the combined entity will be the country’s leading reinsurance broker. It will also provide a platform for Guy Carpenter to bring a full complement of its services, including its deep insurtech expertise, to the Israeli market, which is considered one of the world’s leading insurtech and fintech hubs.
Part of the deal will see Re Solutions’ current CEO Asaf Grinstein becoming the CEO of Guy Carpenter Israel. Grinstein will report to Dorothée Mélis-Moutafis, Guy Carpenter Europe Interim CEO, while all colleagues under the Re Solutions brand will join the newly established team. Grinstein will lead all reinsurance business in Israel, as well as collaborate with other Marsh McLennan businesses including Marsh Israel, Mercer, and Oliver Wyman.
Guy Carpenter President and CEO Dean Klisura said that the transaction gives the firm a powerful platform in Israel to deliver for clients.
“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,” Klisura said.
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