US insurance firm Marsh has completed the acquisition of Triton Insurance Agency, a Rhode Island-based broker specialising in yacht and marine coverage.
Following the transaction, Triton’s chief executive, Bob Peck, together with the agency’s team, will join Marsh Agency and continue operating out of their existing Newport location.
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Established in 2011, Triton Insurance Agency provides coverage solutions tailored to high-net-worth individuals, focusing on hull, yacht, and other marine risks.
Peck said: “We look forward to tapping into Marsh Agency’s resources and collaborative, community-focused culture to enhance the way in which we can provide solutions for those we serve.”
The financial terms of the deal were not made public.
Marsh, which trades on the New York Stock Exchange, provides advice to clients across 130 countries.
The organisation employs more than 95,000 individuals and generates $27bn in annual revenue.
In January this year, the group changed its name from Marsh McLennan to Marsh, while also setting up a division called Business and Client Services (BCS).
Marsh Agency Private Client Services division President and CEO Pete Walther said: “With strong leadership, deep client relationships, and specialised marine expertise that complement our culture, Triton strengthens our presence in key coastal markets and helps us deliver more tailored solutions for high-net-worth clients.”
The acquisition follows several other corporate developments by the group this year.
In August, Marsh rolled out an insurance exchange named Stratus to cover operational risks connected with digital infrastructure initiatives, such as data centres and critical support systems.
Operating as an exchange involving 30 traditional and alternative capital providers that independently evaluate risks to establish support, Stratus offers US-domiciled enterprises up to $10bn in single-placement property insurance capacity globally.
Previously, in March, Marsh Risk and Skyward Group subsidiary Apollo created an insurance facility to assist Uber Technologies with autonomous vehicle rollouts.
