Mercer has acquired Ft. Lauderdale-based Mahoney & Associates' health and welfare and defined contribution advisory practices for an undisclosed amount, the company announced today.
The transaction establishes Mercer as a leading health and benefits broker in the Miami/Ft. Lauderdale Florida brokerage market, the ninth largest market in the United States.
"We can leverage our well-established relationships with mid- and large-sized employers in Florida and across the U.S.," David Rahill, U.S. region leader for Mercer's health and benefits business, says of the merger. "The acquisition expands our own fast-growing and successful Florida H&B consulting and brokerage capabilities and adds to Mercer a Florida-based DC Advisors presence, all in the large and vibrant Miami/Ft. Lauderdale market."
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The Mahoney & Associates acquisition also expands the distribution capabilities of Mercer DC Advisors in the Florida market. Mercer's DC Advisors provides consulting, advisory and brokerage services designed to meet employers' goals and objectives for their small to medium-sized defined contribution retirement plans –401(k), 403(b) and profit sharing plans.
Mahoney staff in the acquired businesses is expected to relocate to Mercer's office in Sunrise, Fla., in October.
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