Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has purchased Illinois-based Assurance Holdings. The financial details of the deal were not disclosed.
Founded in 1961, Assurance is a full-service brokerage offering business insurance, employee benefits, private client insurance, and retirement services to businesses and individuals.
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Marsh president and CEO John Doyle said: “In just over 10 years, MMA has grown into a leading $2 billion-revenue platform serving midsize businesses and individuals across the US.
“Assurance is another example of our continued ability to attract the highest quality teams to join MMA and enhance our ability to serve clients in this important segment.”
Following the deal, Assurance will operate as the Midwest regional headquarters for MMA under the leadership of Assurance CEO Anthony Chimino.
Chimino will report to MMA chairman and CEO David Eslick.
Assurance employees will join MMA and continue to work out of their Schaumburg and Chicago, Illinois, offices.
Commenting on the deal, Chimino said: “By joining MMA, we have the opportunity to provide innovative resources and solutions for our clients, as well as new growth opportunities for our colleagues.
“Equally important, MMA shares our passion for building and maintaining an award-winning workplace culture. My team is excited to play a role in the ongoing growth of this dynamic national firm.”
Earlier this year, MMA acquired Atlanta-based Ironwood Insurance Services.
The company also snapped up Momentous Insurance Brokerage in February.
MMA provides commercial property, casualty, personal lines, and employee benefits to midsize businesses and individuals across North America.
