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Marsh About To Close Deal To Buy Saldaña

Local broker to continue operating under current name after sale


December 5, 2002
Copyright © 2002 CARIBBEAN BUSINESS. All Rights Reserved.

Local insurance broker Saldaña & Associates is about to become a part of Marsh Inc., the world’s leading risk & insurance services firm.

Sources close to the transaction told CARIBBEAN BUSINESS that Ralph Christiansen, president of Saldaña & Associates, went to Marsh’s 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 wouldn’t be disclosed. However, they did say Saldaña & Associates wouldn’t change its name for the time being.

"Saldaña is a well-known name in the local insurance industry," said one source.

"Saldaña’s public relations company is recommending the company’s 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 Saldaña’s 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. MMC’s other businesses are Mercer Inc., a global consulting firm, and Putnam Investments.

This Caribbean Business article appears courtesy of Casiano Communications.
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