NU Online News Service, May 3, 12:55 p.m. EDT
Marsh & McLennan Agency LLC made its fifth acquisition, acquiring New England regional insurance broker The Bostonian Group.
Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh Inc., which is owned by New York-based professional services company Marsh & McLennan Inc., said today it has acquired The Bostonian Group Insurance Agency Inc. and Bostonian Solutions Inc., based in Boston.
MMA said the acquisition makes it the country's 12th largest insurance agency with annual revenue of approximately $185 million. Financial terms of the acquisition were not released. This is MMA's fifith acquisition. MMA's first acquisition, in November, was Houston-based Insurance Alliance. Its second was NIA Group in Paramus, N.J., followed by Haake Companies in Overland Park, Kan. in February, and Roanoke, Va.-based Rutherford Inc. in March.
Established in 1973, Bostonian Group expanded over the years beyond its initial focus on middle-market employee benefits to become a full-service insurance brokerage with dedicated capabilities in employee and executive benefits, human resource services, and retirement services. The firm has 60 employees and approximately $14 million in annual revenue.
With the acquisition, MMA said that Jim Blue, chief executive officer of Bostonian Group, and Phil Litos, president of the group, will join MMA and retain leadership roles in the firm's Boston operation.
Mr. Blue will report to David L. Eslick, chairman and CEO of MMA.
All of Bostonian Group's employees will remain with the firm and join MMA. The firm will keep its name for the foreseeable future.
Mr. Eslick said in a statement that under Mr. Blue's leadership The Bostonian Group built an outstanding business, and MMA is very excited over the firm joining MMA.
Mr. Blue called the deal a win-win for its colleagues and clients, who will have access to a broader geographic reach and more business solutions under MMA.
Additional information about The Bostonian Group is available at www.BostonianGroup.com.
This story was updated on May 4, at 11:50 a.m. EDT, with a correction in paragraph three.
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