Guy Carpenter & Co. has agreed to acquire John B. Collins Associates in a deal that will combine two major reinsurance brokers. Both companies have offices in Bermuda.

New York-based Guy Carpenter, which is a unit of Marsh & McLennan Cos. Inc., was the second-largest reinsurance broker in 2008, based on 2007 reinsurance brokerage gross revenues of $901 million, according to rankings compiled by trade publications Business Insurance.

Collins at that time was the No. 8 broker, based on 2007 revenues of $70.3 million.

The deal, whose terms were not disclosed, will boost Guy Carpenter's position in North America, the broker said in a statement.

The transaction is expected to close in the second quarter, pending regulatory approvals. Once the companies are combined, Collins Chairman John Collins will serve as vice-chairman of Guy Carpenter, while Collins CEO Patrick Denzer will be chairman of Guy Carpenter Americas.