M&A

23 November, 2009

Marsh & McLennan eyes HSBC's insurance arm -Telegraph

LONDON, Nov 24 (Reuters) - Marsh & McLennan (MMC.N) (MMC.N), the second-largest global insurance broker by assets, is exploring a deal to buy part of HSBC's (HSBA.L) insurance business, the Daily Telegraph reported in its Tuesday editions.

MMC is thought to be closing in on HSBC Insurance Brokers, which analysts have valued at between 150-200 million pounds, according to industry insiders, the newspaper said. The newspaper added that talks between the two groups are at an advanced stage. MMC and HSBC were not immediately available for comment. (Reporting by Michael Taylor; editing by Carol Bishopric) ((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net))

Source: http://www.reuters.com