Business Moves

Marsh, Marlowe

Giant insurance broker Marsh is expanding its risk management unit with the acquisition of London-based Marlowe Risk Services Ltd. Christopher Marlowe Jr., founder, will join Marsh under its new name Marsh Marlowe.

Arthurs, Gallaghers

The world’s third biggest insurance broker is trying to catapult over Marsh and Aon to become the world’s largest. Arthur J. Gallagher of Illinois is buying William Gallagher of Mass., Gallagher & Associates of New Jersey, Gallagher Insurance of Maine, Arthur Insurance
in Illinois, and Arthur Insurance Agency in New Mexico. The firm will expand its name to Arthur, Arthur & Arthur Gallagher, Gallagher & Gallagher.
Madison, Menomee

Madison, Wis.-based Madison Insurance Group has acquired Menomonee Insurance. The combined agency will be known as Madison-Menomonee Insurors Inc., or Mad Men.

In related news, Ron Raider, former creative revenue director for Madison, will head a new division focused on agency acquisitions. The unit has already closed on five agencies: Sterling Insurance Agency; The Cooper Insurance Group; an Allstate agency in Illinois headed by Don Draper, and Barry Pryce Agency of Texas. The new unit will operate under the name Sterling Cooper Draper Pryce.

HSBC, Expialidocious

The recent sale by Hang Seng Bank Corp. (HSBC) of various insurance businesses to a pair of buyers for $914 million has a spurned bidder. Florida underwriter Expialidocious is said to be angered by the agreement, calling it “too supercalifragilistic to be true.” The insurer, part of the Disney conglomerate, said HSBC never responded to its undisclosed offer. But HSBC had its reason. “The offer was quite atrocious,” CEO Mary Popinz said in a statement.

Topics Illinois A.J. Gallagher