(By Balaseshan) Marsh & McLennan Companies Inc. (NYSE: MMC), which provides advice and solutions in risk, strategy and human capital areas, said its unit has purchased employee benefits division of Dallas-based Independent Insurance Group.
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., has acquired Independent Insurance Group Benefits Inc. for undisclosed sum. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies.
Independent Insurance Group Benefits, with annual revenue of about $1.4 million, will be folded into Prescott Pailet Benefits, a Marsh & McLennan Agency company, further expanding the firm's depth and expertise in employee benefits.
The transaction marks the first complementary acquisition for Prescott Pailet, which MMA acquired in July 2011.
Independent Insurance Group Benefits, which was founded in 1994, offers a full spectrum of employee benefits products and services to mid-size employers in the Dallas metropolitan area. All of the group's leadership and employees, including its president Joe Wiseman, will join Prescott Pailet.
MMC is trading up 1.09% at $35.14 on Thursday. The stock has been trading between $30.69 and $35.78 for the past 52 weeks.