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Marsh & McLennan Agency (MMA) has acquired the privately owned independent agency Otis-Magie Insurance in northern Minnesota.
Terms of the transaction were not disclosed.
Based in Duluth, Otis-Magie offers business insurance, employee benefits, and personal insurance products and services to clients throughout the northern Minnesota region. The agency traces its origins as far back as 1886.
Following closure of the deal, Otis-Magie’s 46 employees will continue operating out of their existing locations under the name Otis-Magie, a Marsh & McLennan Agency company. Otis-Magie chairman and CEO Tom Stender will continue to lead the operation, a release said.
“MMA is committed to investing in and supporting the insurance and risk management needs of employers and individuals in northern Minnesota and Wisconsin,” said MMA upper Midwest region CEO Tim Fleming. “We’ve known Otis-Magie for years and are thrilled to have these talented people on our team. Combined, we will deliver unparalleled risk expertise and service to clients in the region.”
“We are delighted to join MMA and bring new and additional services to clients and greater growth opportunities to our colleagues,” Stender added.
MMA’s latest acquisition comes as it continues to wrap up its biggest purchase for the year. Last month, the company secured shareholder approval to acquire British insurance brokerage Jardine Lloyd Thompson Group for about $5.65 billion.
