Posted on 13 Jun 12 by Neilson
Marsh & McLennan Agency LLC (MMA), a subsidiary of broker Marsh Inc., today announced that it has acquired Progressive Benefit Solutions (PBS), a $5 million revenue employee benefits agency based in Raleigh, North Carolina. Terms of the transaction were not disclosed.
PBS will operate as a division of Rutherfoord, a Marsh & McLennan Agency LLC company, expanding Rutherfoord’s employee benefits capabilities and resources in the Raleigh market. PBS offers a wide-range of health, wellness, compliance, and executive compensation products and services to midsize clients. John McDonnell, William Salmon, Rick Kelly, and the rest of the PBS team will join Rutherfoord and continue operating out of PBS’ existing Raleigh office. The transaction is the fourth complementary acquisition for Rutherfoord/MMA.
“We are delighted to welcome Progressive Benefit Solutions’ talented and experienced employee benefit professionals to Rutherfoord,” said Thomas R. Brown, Vice Chairman of Rutherfoord/MMA. “With PBS, we are able to offer greater resources and a broader platform to serve the needs of our clients in Eastern North Carolina and beyond.”
“We’re thrilled to be joining Rutherfoord/MMA and view this move as an excellent opportunity for PBS to build on the success it has built over the last 14 years,” said William Salmon, Co-Founder of PBS. “As a part of Rutherfoord/MMA, our clients will now have access to a wider range of products and services to address their emerging and evolving needs.”
Commenting on the transaction, David Eslick, Chairman and CEO of Marsh & McLennan Agency said: “PBS is a welcome addition to our expanding roster of high-quality agencies that now make up Marsh & McLennan Agency. Spoke acquisitions such as this are an essential component of our strategy to become one of the nation’s preeminent insurance agencies serving the needs of the middle market.”