PDF of Press Release
Acquisition to Significantly Enhance Marsh's Flood Insurance Capabilities
NEW YORK--(BUSINESS WIRE)--Oct. 20, 2014--
Marsh, a global leader in insurance broking and risk management, today
announced that it has signed a definitive agreement to acquire Torrent
Technologies, Inc., a leading service provider to Write Your Own (WYO)
insurers participating in the National Flood Insurance Program (NFIP).
The transaction is subject to customary closing conditions. Terms were
not disclosed.
Torrent's approximately 100 employees will combine with Marsh's existing
flood insurance specialists and remain headquartered in Kalispell,
Montana, to create a Flood Center of Excellence, offering the industry's
most comprehensive suite of flood insurance products and services.
"Torrent Technologies is widely recognized as having the most advanced
and unique suite of cloud-based technology solutions that interface with
WYO insurers and the NFIP, including real-time, paperless claims
handling and web-based pricing tools," said Peter Zaffino, President and
CEO of Marsh. "We are excited about the opportunities this partnership
presents for us as we look to further innovate in the flood insurance
segment."
Travis Pine, Chairman and CEO of Torrent, added: "We have always been
impressed with Marsh's flood experience and strong commitment to the
NFIP. We couldn't be happier to join the firm and are excited that this
combination will provide our clients the most advanced and holistic
suite of NFIP-related capabilities available in the market."
The transaction marks an expansion of the existing relationship between
the two firms. In 2013, Marsh began
using Torrent's platform to access the NFIP.
About Marsh
Marsh
is a global leader in insurance broking and risk management. Marsh helps
clients succeed by defining, designing, and delivering innovative
industry-specific solutions that help them effectively manage risk.
Marsh's approximately 26,000 colleagues work together to serve clients
in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh
& McLennan Companies (NYSE:MMC), a global professional services
firm offering clients advice and solutions in the areas of risk,
strategy, and human capital. With 55,000 employees worldwide and annual
revenue exceeding $12 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 talent, health, retirement, and investment
consulting; and Oliver
Wyman, a global leader in management consulting. Follow Marsh on
Twitter @MarshGlobal,
or on LinkedIn,
Facebook,
and YouTube.
Source: Marsh
Marsh
Sally Roberts, +1-303-952-9453
sally.roberts@marsh.com
or
Lee
Ann Farwell, +1-212-345-1125
leeann.farwell@marsh.com