Marsh & McLennan Agency LLC, a Marsh Inc. subsidiary, White Plains, N.Y., has acquired the $4 million benefits brokerage and consulting firm Strategic Benefit Solutions Inc., based Alpharetta, Ga.
SBS, which was founded in 1998, offers a selection of employee benefit services to middle-market clients and has a large focus on assisting clients manage health care costs via health improvement and productivity programs. SBS will operate within the Rutherfoord division of MMA to develop the Atlanta market position while enhancing its employee benefit capabilities. The entire SBS staff is joining MMA.
This acquisition is the first in a series of planned "spoke" acquisitions MMA is undertaking in an effort to improve 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," says 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," says 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 building a national platform largely to serve the property and casualty and employee benefit needs of the middle market, MMA is now the 12th largest insurance agency in the U.S. with yearly revenues reaching more than $260 million. MMA also recently acquired Trion Group Inc., the nation's largest privately held employee benefits specialist.
Acquisition terms have not been disclosed.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
