The transaction is expected to be finalised by the end of the year. Credit: Rock Staar on Unsplash.

Marsh McLennan has agreed to acquire McGriff Insurance Services through its Marsh McLennan Agency business.

The acquisition is set to bolster Marsh McLennan Agency’s offerings in commercial property and casualty (P&C), employee benefits, management liability and personal lines.

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The deal, valued at $7.75bn in cash, will be funded using a mix of cash on hand and proceeds from debt funding.

Additionally, Marsh McLennan will gain a deferred tax asset worth around $500m. The transaction is expected to be finalised by the end of the year, pending regulatory approval and standard closing conditions.

Marsh McLennan President and CEO John Doyle expressed enthusiasm for the acquisition, stating: “McGriff is a business with excellent leadership, outstanding talent and a record of strong growth. The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”

McGriff CEO Read Davis highlighted the benefits of joining forces with Marsh McLennan: “Marsh McLennan’s global resources and insights will enable us to deliver even greater value to those we serve while creating exciting opportunities for the growth and development of our team. This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”

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Founded in 1886, McGriff has established itself as a leading provider of insurance solutions in the US.

With the acquisition, McGriff’s team of more than 3,500 employees, including CEO Read Davis, will integrate into Marsh McLennan Agency and continue operating from their current offices.

In July 2024, Marsh McLennan Agency acquired the Horton Group, focused on P&C insurance, employee benefits consultation and personal lines coverage.