Posted on 05 Jan 2011
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired Strategic Benefit Solutions, Inc. (SBS), a $4 million benefits brokerage and consulting firm based in Alpharetta, Georgia. Terms of the transaction were not disclosed.
Launched in 1998, SBS offers a wide-range of employee benefit services to middle market clients, with an emphasis on helping clients effectively manage their health care costs through health improvement and productivity initiatives. SBS will operate within the Rutherfoord division of MMA, expanding Rutherfoord's Atlanta market position and adding to its employee benefit capabilities. All of SBS’s leadership and employees will join MMA.
The transaction marks the first in a series of planned "spoke" acquisitions that MMA will make to enhance the resources and capabilities of its regional hub operations.
"The addition of Strategic Benefit Solutions is part of MMA's strategy to add high-quality local talent and expertise to complement and expand the resources available to our clients," said David Eslick, chairman and CEO of MMA. "These spoke acquisitions are an essential component of our strategy to become one of our industry’s preeminent national businesses, and we are thrilled that Guy Morrison and the rest of the SBS team are joining MMA."
"We are excited to become part of Marsh & McLennan Agency," said Guy Morrison, president and CEO of SBS. "Our clients and prospects will enjoy the same high-quality service and innovation they've come to expect from SBS with the added benefits of a broader array of capabilities and resources to meet their needs."
Since embarking on its strategy to build a national platform primarily to serve the property and casualty and employee benefit needs of the middle market, MMA has grown to become the nation’s 12th largest insurance agency with annual revenues of more than $260 million. Most recently, MMA completed the acquisition of Trion Group Inc., the nation’s largest privately held employee benefits specialist.