Marsh McLennan Agency has agreed to acquire Fisher Brown Bottrell Insurance (FBBINSURANCE) from Trustmark National Bank in an all-cash deal valued at $315.9m.
The acquisition is aimed at strengthening Marsh McLennan’s foothold in the south-east insurance market.
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FBBINSURANCE, a provider of commercial P&C insurance, surety and employee benefits services, has been serving businesses and individuals since 1936.
Based in Jackson, Mississippi, the company is one of the largest bank-affiliated insurance agencies in the US and a key player in the south-east region.
Post-acquisition, the FBBINSURANCE team, including CEO Scott Woods, will move to Marsh McLennan Agency.
They will continue operating from their current locations across Mississippi, Alabama and Florida.
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By GlobalDataMarsh McLennan Agency president & CEO south-east region Peter Krause said: “FBBINSURANCE’s strong regional presence, client-focused approach and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the south-east.
“I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”
Woods added: “We take great pride in the integrity, service and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.”
The deal currently awaits regulatory approval and is due to be finalised in the second quarter of 2024.
Marsh McLennan Agency is a subsidiary of insurance broking and risk advisory services provider Marsh.
It provides a wide array of insurance solutions including business insurance, employee health and benefits, retirement and wealth management, and private client services.
This move comes on the heels of Marsh’s establishment of Edgware Re, a cyber-only captive, and the launch of an insurance facility designed for digital asset custodians including financial institutions.
