Posted on 12 Nov 2009
Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., today announced it has acquired Insurance Alliance, one of the largest independent insurance agencies in Texas. The transaction marks the first of a series of planned strategic acquisitions as Marsh & McLennan Agency builds a national business to serve the needs of small to mid-sized companies across the country. Terms of the transaction were not disclosed.
Established in 1992, Insurance Alliance has annual revenue of $15 million and serves over 1,500 commercial clients located primarily in Texas and throughout the Southwest. The firm has specialist teams serving clients in construction, surety, energy and marine, professional services, general property and casualty, and employee benefits. Headquartered in Houston, Insurance Alliance has 72 employees.
David Eslick, chairman and CEO of Marsh & McLennan Agency, said, “I’m delighted to welcome the leadership and employees of Insurance Alliance to our firm. As a well-managed and growing enterprise with a highly qualified professional team and a reputation for service excellence, Insurance Alliance fits perfectly with the national organization we are working to build at Marsh & McLennan Agency.”
Concurrent with the acquisition, Marsh & McLennan Agency announced the appointment of Woody Woodard as CEO of its new Southwest operation. Mr. Woodard had been chairman of Insurance Alliance. In addition, Insurance Alliance executives Jim Berger will be COO and Jim Tomforde will be vice president of sales for the Southwest.
Mr. Woodard said, “We are thrilled to be joining forces with David and the leadership of Marsh & McLennan Agency and look forward to helping build what we expect will be among the top national organizations in this industry.”
In October 2008, Marsh announced the establishment of Marsh & McLennan Agency to be one of the premiere insurance agencies in the United States, offering commercial property and casualty, personal lines, and employee benefits to clients across the U.S.
Marsh & McLennan Agency is planning additional acquisitions as it moves to build a national organization. Mr. Eslick joined the firm at the start of 2009 with a track record of success in building national insurance agencies in the same manner.
About Insurance Alliance:
One of the largest independent insurance agencies in Texas, Insurance Alliance has 72 employees and serves over 1,500 commercial clients. Established in 1992, the firm was created through the merger of four prominent independent agencies in Houston, where it is headquartered. The firm has specialist teams serving clients in construction, surety, energy and marine, professional services, general property and casualty, and employee benefits.
About Marsh & McLennan Agency LLC:
Marsh & McLennan Agency LLC, a subsidiary of Marsh Inc., the world’s leading insurance broker and risk advisor, was established in 2008 to meet the needs of small to mid-sized businesses in the U.S. The firm will operate independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
Marsh Inc. has over 23,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 52,000 employees and annual revenue of $11 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC’s Web Site is www.mmc.com. Marsh’s Web site is www.marsh.com.