Marsh & McLennan Agency Acquires Protector Group
Massachusetts Agency Doubles Size of New England Region
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced that it has acquired Worcester, Massachusetts-based The Protector Group Insurance Agency, Inc., one of the largest independent agencies in New England. Terms of the transaction were not disclosed.
Founded in 1928, Protector Group offers a wide range of property/casualty insurance, employee benefits services, personal insurance, and individual financial services to midsize companies and individuals in New England. The agency generates approximately $13.6 million in annual revenues and has 84 employees operating out of three offices in Massachusetts: Worcester, Leominster, and Wellesley.
Protector Group will operate out of MMA's New England hub, further expanding the region's employee benefit capabilities and adding new property/casualty insurance resources. All of the agency's leadership and employees, including Bob Vaudreuil and Jack Cahill, will join MMA and continue to operate out of Protector Group's existing offices.
"Protector Group's strong regional presence, top-notch leadership, and blend of property/casualty and employee benefits make it a perfect fit for MMA in New England," said Jim Blue, CEO of MMA's New England region. "With the addition of Protector Group we double the size of the region and further enhance our ability to offer property/casualty and employee benefit capabilities to our clients."
"Joining MMA represents an exciting opportunity for all of the members of our firm to build upon the strong foundation we have built over the last 84 years," said Mr. Vaudreuil, Protector Group president and CEO. "Together, MMA and Protector Group will be able to offer greater resources to our clients to address their increasingly complex needs."
Commenting on the transaction, David Eslick, chairman and CEO of Marsh & McLennan Agency, said: "I'm delighted to welcome Bob, Jack and the rest of the Protector Group team to MMA as we continue to build what is quickly becoming one of the nation's preeminent insurance organizations serving the needs of the middle market."
Protector Group is the 24th acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. MMA currently generates approximately $410 million in annualized revenue.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was established in 2008 to meet the needs of midsize businesses in the US. MMA operates autonomously from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the US.
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 (NYS: 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.
KEYWORDS: United States North America Massachusetts New York
The article Marsh & McLennan Agency Acquires Protector Group originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.