(By Balaseshan) Marsh & McLennan Companies Inc. (NYSE: MMC) said its unit Marsh & McLennan Agency LLC has purchased Ohio's independent Brower Insurance Agency for undisclosed sum.
Brower will serve as Marsh & McLennan Agency's (MMA) Midwest hub and will seek to expand MMA's footprint in the region through further spoke and fold-in acquisitions. All of Brower's leadership and employees, including Managing Principal Chris McAtee, will join MMA.
Founded in 1935 and headquartered in Dayton, Ohio, Brower has annual revenues of about $24 million and 164 employees in four Ohio offices: Dayton, Cincinnati, Columbus, and Springfield.
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Brower provides property/casualty insurance, employee benefits services, and consulting services to midsize businesses and individuals. The firm has specialty practices in surety, construction, health care, transportation, and schools and municipalities.
"Brower's strong regional presence, top-notch leadership, sales-oriented culture, and diversified mix of business were very attractive as we looked for a quality partner to join MMA. We welcome Chris and the rest of the Brower team to MMA and look forward to expanding our presence in the Midwest," said David Eslick, chairman and CEO of MMA.
McAtee said as part of MMA, Brower will be able to continue its strong legacy of developing and delivering innovative, value-driven insurance and risk management programs to its clients while also having access to the support and resources of the world's leading insurance broker and risk advisor.
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Marsh & McLennan Agency, a subsidiary of insurance broker Marsh Inc., was established in 2008 to meet the needs of midsize businesses in the U.S. MMA operates autonomously from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S. Marsh is a wholly owned subsidiary of Marsh & McLennan.
MMC is trading up 0.11% at $34.95 on Wednesday. The stock has been trading between $30.16 and $35.78 for the past 52 weeks.