Marsh & McLennan has agreed to buy UK insurance broker Jardine Lloyd Thompson Group in a $5.66 billion deal.
Marsh & McLennan said the deal will enhance its position in key growth markets in Asia and Latin America.
The deal is expected to boosted its revenue to around $17 billion from around $14 billion currently.
Following the deal, JLT Chief Executive Dominic Burke will join Marsh & McLennan as vice-chairman and serve on its executive committee.
“The acquisition of Jardine Lloyd Thompson creates a compelling value proposition for our clients, our colleagues and our shareholders," said Burke, "The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues."
Job cuts are expected with Marsh & McLennan saying it will cut between 2% and 5% of the combined workforce of the two companies.
The deal is expected to close in spring 2019, subject to shareholder and regulatory approval.