WHITE PLAINS, N.Y.–(BUSINESS WIRE)–Apr 23, 2024–
Marsh McLennan Agency, a subsidiary of Marsh, today announced that it has entered into a definitive agreement to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank. Headquartered in Jackson, Mississippi, FBBINSURANCE is one of the top five largest bank-affiliated insurance agencies in the country and one of the largest agencies in the Southeast.
Founded in 1936, FBBINSURANCE specializes in providing commercial property/casualty insurance, surety and employee benefits services to businesses and individuals across the Southeast. Upon closing, the FBBINSURANCE team, including CEO Scott Woods, will join Marsh McLennan Agency and continue to operate out of their existing 10 offices across Mississippi, Alabama, and Florida.
“FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast,” said Peter Krause, President & CEO of Marsh McLennan Agency’s Southeast region. “I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”
Mr. Woods added: “We take great pride in the integrity, service, and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.”
Under terms of the agreement, Marsh McLennan Agency will pay $315.9 million in cash, subject to customary purchase price adjustments, to acquire FBBINSURANCE. The transaction is pending regulatory approval and standard closing conditions, and is expected to close during the second quarter of 2024.
About Marsh McLennan Agency
Marsh McLennan Agency provides business insurance, employee health & benefits, retirement & wealth, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 10,000 colleagues and 180 offices across North America, Marsh McLennan Agency combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC).
About Marsh
Marsh is the world’s leading insurance broker and risk advisor. With more than 45,000 colleagues advising clients in over 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue of $23 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit marsh.com, and follow us on LinkedIn and X.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240423001690/en/
CONTACT: Lexie O’Connor
Media Relations
+1 857 772 0150
alexandra.oconnor@MarshMMA.com
KEYWORD: UNITED STATES NORTH AMERICA MISSISSIPPI NEW YORK
INDUSTRY KEYWORD: PERSONAL FINANCE INSURANCE HUMAN RESOURCES FINANCE CONSULTING BANKING SMALL BUSINESS PROFESSIONAL SERVICES
SOURCE: Marsh McLennan Agency
Copyright Business Wire 2024.
PUB: 04/23/2024 04:30 PM/DISC: 04/23/2024 04:30 PM
http://www.businesswire.com/news/home/20240423001690/en
Copyright Business Wire 2024.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.