Marsh combines Middle East and Africa businesses
HARARE, Global leader in insurance broking and innovative risk management solutions Marsh, which has also presence in Zimbabwe, has unified its operations in Africa and the Middle East under the leadership of a new regional CEO.
The restructure comes after recent reports that the global broker is planning to reduce layers of management in a bid to streamline the business.
Christos Adamantiadis is set to join as chief executive of the new Middle East and Africa division on 1 May. He will report to Flavio Piccolomini, president of Marsh International.
Adamantiadis has 25 years of management experience in the industry and joins Marsh from Oman Insurance Company, where he was CEO. Prior to this he spent 20 years at AIG.
In December he had been slated to join Matt Fairfield’s start-up Exin Group. Marsh has also appointed Ayman El Hout as country leader for the United Arab Emirates. El Hout starts on 1 June and will report to Adamantiadis.
El Hout has over 34 years’ underwriting experience and joins from Al Sagr National Insurance, where he was deputy chief executive.
Piccolomini said that unifying the two business areas would allow Marsh to “better leverage” its expertise in the region.
Marsh is a global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries.
Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over $14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms.
The group, according to its Q4 2017 results, Risk & Insurance Services revenue was $2 billion in the an increase of 9%, or 3% on an underlying basis. Operating income of $416 million was essentially flat with the prior year and includes $47 million of the previously mentioned pension charge. Adjusted operating income increased 12% to $473 million.
For the year 2017, revenue was $7.6 billion, an increase of 7%, or 3% on an underlying basis. Operating income rose 7% to $1.9 billion while adjusted operating income rose 11%.
Marsh’s revenue in the fourth quarter of 2017 was $1.7 billion, an increase of 9%, or 3% on an underlying basis. In U.S./Canada, underlying revenue rose 4%. International operations produced underlying revenue growth of 1%, reflecting underlying growth of 5% in Asia Pacific, and 9% in Latin America partially offset by a decline of 3% in EMEA. For the year 2017, Marsh’s revenue growth was 7%, or 3% on an underlying basis.
Insurance Insider/ Insurance24
