Marsh, a wholly-owned subsidiary of Marsh & McLennan, has acquired Cosmos Services (America) Inc., an insurance brokerage subsidiary of global trading firm ITOCHU Corp. Terms of the transaction were not disclosed.
Marsh says that, with offices in New York, Los Angeles and Chicago, Cosmos specializes in providing commercial P&C, personal lines and employee benefits brokerage services to U.S. subsidiaries of Japanese companies. It has annual revenues of about $8 million.
Cosmos’ employees will become part of Marsh’s Asia Client Services (ACS) team under the leadership of John McDonnell, president and CEO of ACS in the United States, says Marsh. The deal further strengthens Marsh’s capabilities and resources in serving Japanese clients in the United States, and also forges a strategic relationship between Marsh and ITOCHU.
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