Continuing its strategy to build a national platform, Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced today the acquisition of RJF Agencies Inc., one of the largest independent insurance agencies in the upper Midwest. Terms of the transaction were not disclosed.
Founded in 1986, RJF has annual revenue of approximately $25 million and roughly 150 employees. Headquartered in Minneapolis, RJF provides property and casualty insurance and employee benefits to middle market companies in a wide range of industries. The firm has specialty practices in manufacturing, condominium and townhome associations, management liability, and contractors, among others. All of RJF’s employees and leadership team, including Bill Jeatran, CEO, and Tim Fleming, president, will join MMA.
RJF will serve as MMA's upper Midwest hub and is the latest in a number of acquisitions MMA has made since embarking on its quest to build a national platform primarily to serve the property and casualty insurance and employee benefits needs of the middle market. Most recently, MMA announced the acquisitions of Trion Group Inc., the nation’s largest privately held employee benefits specialist based in Conshohocken, Pennsylvania, and Strategic Benefit Solutions, Inc., a premier benefits brokerage and consulting firm based in Alpharetta, Georgia.
Since November 2009, MMA has grown to become the 12th largest insurance agency in the United States with approximately $285 million in annual revenue.
"RJF’s strong regional presence, top-notch leadership, sales-oriented culture and blend of property and casualty and employee benefits business were very attractive as we looked for a quality partner to join MMA in the upper Midwest," said David Eslick, chairman and CEO of MMA. "We welcome the leadership team and the employees of RJF to our firm, and I personally look forward to partnering with Bill Jeatran and Tim Fleming in building MMA."
"Joining Dave Eslick and his team at MMA represents an excellent growth opportunity for RJF, our employees and our clients," Mr. Jeatran said. "As part of the MMA enterprise, clients and employees can expect continued commitment to the values and collaborative culture that has been a cornerstone of RJF since it began 25 years ago, while also having acc