Marsh McLennan signals ambitious growth plans in Caribbean via M&A

Global re/insurance broker  Marsh McLennan (MMC) has unveiled a “landmark” acquisition in Costa Rica as part of its ambitious plans to expand in the Caribbean region.

MMC has reached an agreement to acquire Asprose Corredora de Seguros, S.A, one of Costa Rica’s leading insurance brokers. The deal is expected to close later in the third quarter of 2023.

Founded in 1984 and based in San José, Asprose provides insurance brokerage and risk advisory services, as well as comprehensive employee health and benefits solutions, to commercial organisations across Costa Rica.

On completion, Roberto Ortiz Volio, senior partner at Asprose, will become CEO of Marsh McLennan Costa Rica, reporting to Juan Pablo Salazar, CEO of Marsh McLennan for the Caribbean, with responsibility for leading the firm's business in the country.

Marvin Umaña, senior partner at Asprose, will serve as chief financial officer and chief operating officer and Luis Castro, also senior partner at Asprose, will serve as employee benefits leader. They will both report to Ortiz. All other Asprose colleagues will join Marsh McLennan.

Ricardo Brockmann, CEO, Marsh McLennan, Latin America and the Caribbean, said: “This landmark agreement is a clear signal of Marsh McLennan’s ambitious growth plans in Costa Rica. The combination of Asprose’s well-established operations and its respected colleagues, together with Marsh McLennan's global solutions and services, means that we will be able to deliver even greater support to our clients throughout Costa Rica that face an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in the region, gives us a powerful platform from which to better serve our clients."

Ortiz added: “This transaction is a natural evolution of the excellent relationship we have always had with Marsh McLennan and is great news for our clients and colleagues. By combining our experience with Marsh McLennan's industry-leading risk consulting, insurance brokerage and strategic advisory solutions, we will be able to accelerate our development and widen the range of solutions and services we can offer our clients.”

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