Expected to close by the end of 2024, the deal will see Marsh McLennan assume a deferred tax asset worth approximately $500 million. McGriff, a full-service US insurance broker, reported $1.3 billion in revenue for the 12 months ended June 30.
The swoop is poised to strengthen Marsh McLennan Agency’s service offerings in areas such as commercial property and casualty, employee benefits, management liability, and personal lines.
“McGriff is a business with excellent leadership, outstanding talent, and a record of strong growth,” said John Doyle, president and chief executive of Marsh McLennan. “The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”
Meanwhile Marsh McLennan Agency chair and CEO David Eslick echoed Doyle’s sentiments, noting: “Marsh McLennan Agency has long held McGriff’s legacy and reputation in the highest regard. Their client-centric focus, culture, and proven record of success mirror our own.
“The firm will be an important addition to the business we have built over 15 years. Together, our talent and expertise will deliver actionable solutions that help clients build the confidence to thrive.”
For McGriff CEO Read Davis, Marsh McLennan’s global resources and insights will mean “exciting” growth opportunities and “even greater value” for clients.
Trading since 1886, McGriff provides a broad range of insurance solutions including commercial property and casualty, corporate bonding and surety, cyber, management liability, captives and alternative risk transfer programs, small business, employee benefits, title insurance, personal lines, and life and health.
Upon completion of the deal, McGriff’s team of over 3,500 people, including Davis, will join Marsh McLennan Agency. McGriff will retain its existing premises across the US.
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