Israeli acquisition includes a fac broking arm and builds a bridge for Guy Carptenter’s insurtech into a major fintech market.

Map of the Middle East

Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced it is to acquire Re Solutions.

The terms of the transaction, expected to close later this quarter, were not disclosed.

Re Solutions was founded in 2010, with offices in Bnei Brak, is and described by Guy Carpenter as the leading independent reinsurance broker in Israel.

The transaction builds on an existing relationship between the two firms, as the Israeli broker had been Guy Carpenter’s correspondent broker in Israel since 2011.

As part of the transaction, Re Solutions’ current CEO, Asaf Grinstein, will become CEO of Guy Carpenter Israel, reporting to Dorothée Mélis-Moutafis, interim CEO of Guy Carpenter Europe, and all Re Solutions’ colleagues will join Guy Carpenter.

Grinstein will be responsible for leading all reinsurance business in Israel, and will collaborate with Marsh McLennan’s other businesses, including Marsh Israel, Mercer and Oliver Wyman.

“The combination of Re Solutions’ well-established Israel operations and respected team together with Guy Carpenter’s global solutions and services, will bring significantly enhanced benefits to clients across Israel,” said Dean Klisura, President and CEO of Guy Carpenter.

“Insurers in this fast-growing economy are looking for brokers and advisers that can help them address key issues in an increasingly complex risk landscape. This transaction, which is driven by our ambitions to invest in Israel, gives us a powerful platform to deliver for clients,” he added.

According to Guy Carpenter, Re Solutions combines local expertise with actuarial and analytics capabilities, together with a reputation for dveloping innovation, notably through a facultative reinsurance broking focus.

On completion, the broker emphasised that the combined entity will provide a platform for Guy Carpenter to provide insurtech expertise to the Israeli market, one of the leading financial technology hubs.

Re Solutions’ Grinstein added: “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter and is great news for our clients and colleagues.

“By combining our expertise with Guy Carpenter’s industry-leading data & analytics, strategic advisory, and capital markets solutions, we will be able to accelerate our development and enhance the services we offer to clients and prospects.”