Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., today announced that it has acquired Howalt+McDowell Insurance, Inc., the largest independent agency in South Dakota. Terms of the transaction were not disclosed.
Founded in 1946, Howalt+McDowell has annual revenue of approximately $16 million and offers a wide range of property/casualty, surety, personal protection, and employee benefits insurance to individuals and midsize businesses in the upper Midwest. All of the agency’s leadership and employees, including CEO Jeff Scherschligt, will join MMA’s upper Midwest hub and operate out of the firm’s existing Sioux Falls, South Dakota office.
“With Howalt+McDowell, we are adding high-quality, local talent and expertise in the upper Midwest to complement and expand the resources available to our clients,” said David Eslick, chairman and CEO of MMA. “We welcome Jeff Scherschligt and the rest of the Howalt+McDowell team to MMA and look forward to expanding our presence in South Dakota.”
“Joining forces with MMA provides our clients with access to even greater depth and breadth of risk and benefit expertise and a wider array of services and solutions to help them grow in this increasingly challenging risk environment,” Mr. Scherschligt said. “We are thrilled to become a part of MMA and look forward to helping to build what is fast becoming one our industry’s top national agencies.”
Howalt+McDowell is the 23rd acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. MMA currently generates approximately $395 million in annualized revenue.