Marsh acquires cosmos services (america)

New york--(business wire)--marsh, a wholly-owned subsidiary of marsh & mclennan companies (nyse: mmc), announced today the acquisition of cosmos services (america) inc., the u.s. insurance brokerage subsidiary of global trading firm itochu corporation. terms of the transaction were not disclosed. with offices in new york, los angeles, and chicago, cosmos specializes in providing commercial property/casualty, personal lines, and employee benefits brokerage services to u.s. subsidiaries of japanese companies. it has annual revenues of approximately $8 million. cosmos’ employees will become part of marsh’s asia client services (acs) team under the leadership of john mcdonnell, president and ceo of acs in the united states. the deal further strengthens marsh’s capabilities and resources in serving japanese clients in the u.s. and also forges a strategic relationship between marsh and itochu. “marsh’s experience and expertise in serving the risk and insurance needs of asian companies operating outside their home country is unparalleled,” said david batchelor, head of marsh’s international division. “the combination of marsh and cosmos is positive news for clients. marsh’s existing strong japan client base in the u.s. will benefit from cosmos’ deep expertise and familiarity with the japanese culture and language, while cosmos’ clients will immediately benefit from a new range of expertise and capabilities that will now be available through marsh.” hirofumi shimoyama, marsh’s japan country head and global japan client services leader, added: “as more japanese companies seek to expand their operations overseas, they need global risk and insurance advisors who understand their corporate culture and can provide innovative solutions anywhere around the world. with the acquisition of cosmos, marsh is furthering its commitment to japanese clients operating in the united states.” about marsh marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. it has approximately 25,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. marsh is a wholly owned subsidiary of marsh & mclennan companies (nyse: mmc), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. with 52,000 employees worldwide and annual revenue exceeding $10 billion, marsh & mclennan companies is also the parent company of guy carpenter, a global leader in providing risk and reinsurance intermediary services; mercer, a global leader in human resource consulting and related services; and oliver wyman, a global leader in management consulting. follow marsh on twitter @marsh_inc.
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