Marsh McLennan has finalized its acquisition of McGriff Insurance Services, LLC, integrating more than 3,500 McGriff employees into Marsh McLennan Agency (MMA).
This move is part of Marsh McLennan's strategy to enhance its capabilities in the middle market.
John Doyle, Marsh McLennan’s president and CEO, stated that McGriff’s expertise in the specialty and industry sectors would bolster MMA’s offerings and broaden its reach in the market.
“Their deep specialty and industry capabilities will strengthen Marsh McLennan Agency’s value proposition and expand our reach in the growing middle market. Together, McGriff and MMA will deliver even greater value to clients,” said Doyle.
David Eslick, MMA's chairman and CEO, noted that McGriff’s workforce, leadership, and skills would strengthen the agency’s client-focused operations.
“We look forward to enhancing our client-centric capabilities to serve even more businesses and communities across the country,” said Eslick.
Meanwhile, Read Davis, McGriff’s CEO, highlighted that joining MMA provides McGriff employees access to broader global resources and industry expertise.
“By joining Marsh McLennan Agency, our teammates gain access to expanded global resources and industry knowledge to build their career growth and bring innovative, actionable solutions to clients - who will continue to be served by the same dedicated teams and client-first strategy they know and trust,” said Davis.
McGriff has been in the US insurance broking and risk management market since 1886. The firm offers a range of services, including commercial property and casualty, employee benefits, cyber insurance, management liability, and alternative risk transfer programs. It also provides insurance solutions for small businesses and individual clients.
Marsh McLennan, listed on the New York Stock Exchange under MMC, operates across four business segments: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. The company generates $23 billion in annual revenue and employs over 85,000 people worldwide, advising clients in 130 countries.
What do you think about this acquisition and its potential impact on the insurance industry? Share your thoughts in the comments.
