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Marsh About To Close Deal To Buy Saldaña
Local broker to continue operating under current name after sale
By TAINA ROSA
December 5, 2002
Local insurance broker Saldaña & Associates is about to become a part of Marsh Inc., the worlds leading risk & insurance services firm.
Sources close to the transaction told CARIBBEAN BUSINESS that Ralph Christiansen, president of Saldaña & Associates, went to Marshs stateside offices last week to close the deal. Marsh had signed a letter of intent to purchase Saldaña in mid-October.
Other sources told CARIBBEAN BUSINESS the value of the transaction wouldnt be disclosed. However, they did say Saldaña & Associates wouldnt change its name for the time being.
"Saldaña is a well-known name in the local insurance industry," said one source.
"Saldañas public relations company is recommending the companys name be unchanged for at least a year after the acquisition, with the phrase a Marsh Co. to be added under the logo in order to promote the Marsh name in Puerto Rico, where it is practically unknown."
The source also said there would be no changes to Saldañas work force since executives and other staff members would remain in their positions.
Saldaña, currently a Marsh correspondent, was established in 1972 and has 170 employees. It has offices in San Juan and Ponce and serves a diversified roster of local and multinational clients in the region.
Marsh, established in 1871, has 36,000 employees who serve clients in more than 100 countries. It is a subsidiary of Marsh & McLennan Cos. (MMC), a global professional services firm with annual revenues of $10 billion and 58,000 employees. MMCs other businesses are Mercer Inc., a global consulting firm, and Putnam Investments.
This Caribbean Business article appears courtesy of Casiano Communications.