The Marsh McLennan Agency, a subsidiary of the global insurance broking and risk advisory services provider Marsh, has announced the acquisition of AC Risk Management (ACRM).
The financial terms of the deal have not been disclosed.
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ACRM, founded in 2012, is a New York-based independent commercial lines brokerage.
It specialises in property and casualty (P&C) insurance, particularly for the construction industry.
The ACRM team including CEO Matt Avellino will continue to operate from their Melville office.
ACRM’s expertise in the P&C sector, especially within the construction industry, complements the Marsh McLennan Agency’s insurance solutions portfolio.
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By GlobalDataThese solutions range from business insurance and employee health and benefits to retirement and wealth management, as well as private client services.
Marsh McLennan Agency Northeast region CEO Jerry Alderman said: “With their commercial line expertise and construction industry specialisation, the ACRM team will be a great addition to Marsh McLennan Agency. We are looking forward to this opportunity to work with businesses in the Long Island community and help them address their constantly evolving risk mitigation needs.”
This acquisition follows Marsh McLennan Agency’s recent agreement to acquire Fisher Brown Bottrell Insurance for $315.9m.
Fisher Brown Bottrell Insurance offers commercial P&C insurance, surety and employee benefits services.
In a separate development, Marsh McLennan, the parent company of March, has launched Sentrisk, an AI-powered platform with integrated advisory services aimed at transforming global supply chain risk management.
Developed by Marsh in collaboration with Oliver Wyman, Sentrisk leverages advanced technologies such as supply chain mapping AI and geospatial satellite imaging to provide organisations with mapping capabilities and tailored risk mitigation strategies.
Marsh president and CEO Martin South said: “Rising geopolitical tensions, and other risks such as the impact of climate events, mean that supply chain vulnerabilities are now among firms’ top concerns. With Sentrisk, clients can use AI technology to make better informed decisions at pace to improve their resilience to major shocks.”
