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Marsh & McLennan Companies, Inc.’s MMC unit Marsh & McLennan Agency LLC (MMA) recently acquired the independent agency INSPRO in Nebraska. MMA is the middle market agency unit of Marsh. Other terms of the transaction were kept under wraps.
INSPRO has been offering business insurance, employee benefits and personal lines insurance services throughout the state.
MMA will be joined by INSPRO’s 138 employees who will continue to work at the home office and in additional areas like Omaha, Wahoo, etc.
Notably, MMA remains committed to penetrate further across the country and this new deal will only serve its purpose. INSPRO is a great strategic fit for MMA as it constantly developed its expertise to serve the market’s evolving requirements.
In return, INSPRO will be able to gain traction from MMA’s cutting-edge services and its expanded solutions.
MMA recently acquired Heritage Insurance Service, Inc., a market-leading independent agency in Louisville, KY. With this deal, the company will benefit from the acquired entity’s expertise in the field.
Acquisitions form one of the core growth measures at Marsh and McLennan. The company made numerous purchases within its different operating units that enabled it to enter new geographical regions, expand within the existing ones, foray into new businesses, develop new segments and specialize within its current businesses. The company’s buyout of JLT in 2019 has expanded its capabilities to date. Its Risk and Insurance Services segment completed two acquisitions in the first quarter of 2020.
The company’s constant buyouts poise it well for long-term growth.
There has been a host of acquisitions in the insurance space of late, banking on the availability of substantial capital resources. Recently, the company’s peer Arthur J. Gallagher & Co. AJG bought North Star Insurance Services and North Star Marine Insurance Services, which marked its fifth buyout in the ongoing quarter. Further, Kemper Corporation KMPR agreed to acquire American Access Casualty Company and its related captive insurance agency while Brown & Brown, Inc. BRO announced that its subsidiary bought CoverHound and its wholly-owned unit CyberPolicy.
Zacks Rank and Price Performance
Shares of Marsh & McLennan, which currently carries a Zacks Rank #3 (Hold), have gained 7.1% in a year compared with the industry’s growth of 4.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Marsh & McLennan Companies, Inc. (MMC) : Free Stock Analysis Report
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