(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.
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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.