Marsh, a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), today announced plans to expand its Captive Solutions Group operations in Halifax, Nova Scotia, to implement and rollout its new global initiatives and training to its offices around the world.
Nova Scotia offers several key advantages including competitive operating costs, educated and loyal labour pool, strategic nearshore location to the US and Europe and an established financial services cluster.
“Our Halifax office is recognized for its productivity, efficiency, and they are consistently early adopters of new technology we’ve introduced,” says Julie Boucher, Practice Leader, Marsh Captive Solutions Group. “The office will be instrumental in rolling out our new global initiatives to our Marsh Captive Solutions offices around the world.”
Since opening in Halifax in 2006, Marsh’s Halifax office has become a benchmark for productivity and technology adoption and has been steadily growing its captive insurance servicing operation locally. Currently, the Marsh Halifax office services over 300 captive accounts worldwide, many of them Fortune 500 companies.
“It is a unique type of work for the financial services industry in Nova Scotia,” said Stephen Lund, President and CEO of Nova Scotia Business Inc. (NSBI), the province’s economic development agency. “While most captives usually locate in offshore jurisdictions with laws favourable to their arrangement, Marsh chose Nova Scotia as a nearshore solution for its shared services, middle and back office operations because of the cost competitive environment of doing business and access to our talented labour force.”
This formula continues to be an effective part of NSBI’s overall strategy to develop the financial services sector in the province. In KPMG’s Competitive Alternatives 2012 Report, Halifax ranks number one out of all Canadian and U.S. cities surveyed for lowest business operating costs in the International Financial Services sector.
NSBI is also providing a near $1 million incentive to strengthen the competitive business case.
Marsh’s Captive Solutions Group in Halifax represents the first operation of its kind in Canada. Along with new graduates from the province’s 10 universities and 13 community colleges, Marsh will be hiring skilled and experienced workers who have strong backgrounds in accounting.
“Every year, hundreds of skilled students graduate from our Bachelor of Commerce and MBA programs, with the training and background to quickly achieve their professional accounting designation,” says Dr. Patricia Bradshaw, Dean of the Sobey School of Business at Saint Mary’s University. “Most of our students are eager to work in Halifax and we are happy to partner with international employers such as Marsh Captive Solutions, which has been a destination of choice for our students.”
Nova Scotia’s financial services industry is currently comprised of over 3,000 establishments. Halifax has one of the highest concentrations of insurance industry firms and employment among urban centres across Canada.
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in human resource consulting and related services; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.
About Nova Scotia Business Inc.
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. Learn more about Nova Scotia’s financial services sector.