Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., today announced it has acquired Independent Insurance Group Benefits, Inc., the employee benefits division of Dallas-based Independent Insurance Group. Terms of the deal were not disclosed.
Independent Insurance Group Benefits, with annual revenue of approximately $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. The transaction marks the first complementary acquisition for Prescott Pailet, which MMA acquired in July 2011.
Founded in 1994, Independent Insurance Group Benefits offers a full spectrum of employee benefits products and services to midsize employers in the Dallas metropolitan area. All of the group's leadership and employees, including its president Joe Wiseman, will join Prescott Pailet.
"We are delighted to welcome Independent Insurance Group Benefits' talented and experienced employee benefits professionals to Prescott Pailet Benefits," said Stuart Prescott, principal. "The addition enables us to offer greater resources and a broader platform to serve the employee benefits needs of our clients. At the same time, Independent Insurance Group Benefits' clients will now have access to a wider array of capabilities and resources from MMA."
Commenting on the transaction, David Eslick, chairman and CEO of MMA said: "Fold-in acquisitions like this are an essential component of our strategy to become one of our industry's preeminent national businesses. We are thrilled that Joe Wiseman and the rest of the Independent Insurance Group Benefits team are joining MMA."