Marsh & McLennan Agency Acquires Employee Benefits Division of Independent Insurance Group
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired Independent Insurance Group Benefits, Inc., the employee benefits division of Dallas-based Independent Insurance Group. Terms of the deal were not disclosed.
Independent Insurance Group Benefits, with annual revenue of approximately $1.4 million, will be folded into Prescott Pailet Benefits, a Marsh & McLennan Agency company, further expanding the firm's depth and expertise in employee benefits. The transaction marks the first complementary acquisition for Prescott Pailet, which MMA acquired in July 2011.
Founded in 1994, Independent Insurance Group Benefits offers a full spectrum of employee benefits products and services to midsize employers in the Dallas metropolitan area. All of the group's leadership and employees, including its president Joe Wiseman, will join Prescott Pailet.
"We are delighted to welcome Independent Insurance Group Benefits' talented and experienced employee benefits professionals to Prescott Pailet Benefits," said Stuart Prescott, principal. "The addition enables us to offer greater resources and a broader platform to serve the employee benefits needs of our clients. At the same time, Independent Insurance Group Benefits' clients will now have access to a wider array of capabilities and resources from MMA."
Commenting on the transaction, David Eslick, chairman and CEO of MMA said: "Fold-in acquisitions like this are an essential component of our strategy to become one of our industry's preeminent national businesses. We are thrilled that Joe Wiseman and the rest of the Independent Insurance Group Benefits team are joining MMA."
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 over 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 talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.
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