New York-based insurance broker and risk manager Marsh is buying a majority stake in Semusa, a Panama City, Panama-based insurance broker and adviser.

Semusa had been acting as Marsh’s local correspondent broker in Panama. Terms of the deal were not disclosed.

The company will be renamed Marsh Semusa. The deal is expected to close in the third quarter.

Marsh expects the deal to strengthen its position in Center America and the Carribbean. The group previously picked up Franco & Acra Tecniseguros, a Dominican Republic-based insurer.  Before that, Marsh announced a deal for Rehder y Asociados Group, a Peruvian insurer.

For more on insurance M&A, see “Racking up Regional Insurers.”

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