Dallas-based independent insurance broker MHBT Inc. has been acquired by Marsh & McLennan Agency LLC, a subsidiary of Marsh LLC, the companies announced on Monday.
Financial terms of the deal were not disclosed.
MHBT has annual revenue of about $76 million and 350 employees in five offices throughout Texas, making it one of the nation’s largest independent insurance brokers. MHBT employees will join Marsh & McLennan and operate under the name “MHBT, a Marsh & McLennan Agency LLC company.”
HOME OF THE DAY
W ith roots dating back nearly 100 years,MHBT provides insurance, risk management and employee benefits services to businesses and individuals throughout the United States. Marsh & McLennan, established as a subsidiary of Marsh in 2008 to meet the needs of midsize businesses, offers commercial property, casualty, personal lines and employee benefits to clients nationwide.
MHBT will serve as White Plains, N.Y.-based Marsh & McLennan Agency’s Southwest regional hub under the leadership of MHBT CEO Bill Henry. Anthony C. Gruppo, who has been serving as Marsh & McLennan’s Southwest regional CEO since 2013, will continue to serve as CEO of Marsh & McLennan Agency's office in Houston.
“We are excited to add the strength, depth, and quality of MHBT’s entire team to MMA, and I personally look forward to working with Bill Henry on growing our presence in the Southwest,” David Eslick, Marsh & McLennan’s chairman and CEO, said in a news release.
Henry called the acquisition “the next step in the evolution of MHBT.”
“It represents an excellent opportunity to expand our reach, ensure new opportunities for our colleagues and offer more resources to our clients as they navigate an increasingly challenging risk environment,” Henry said.
No comments:
Post a Comment