Marsh & McLennan Agency (“MMA”), the middle market agency subsidiary of Marsh & McLennan Companies, Inc. MMC has acquired Corporate Consulting Services, Ltd. to provide clients with more efficient and broader range of services. Financial details of the deal were not disclosed.
Headquartered in New York, Corporate Consulting Services was founded in 1989 generating annualized revenue of $6 million. The insurance broker offers employee benefits, retirement planning and human resource consulting services and caters to various clients from the non-profit and for-profit sectors across the Northeast U.S.
Notably, all of Corporate Consulting Services’ 20 personnel will be part of MMA’s Northeast region workforce. Nonetheless, the acquired company will continue to operate from its current location.
The addition of Corporate Consulting Services will further boost the acquirer’s already robust employee benefits services. Also, the deal will significantly enhance MMA’s client services in the Northeast.
Marsh & McLennan regularly undertakes strategic acquisitions to enhance its growth profile. To that end, on Mar 3, 2016, Marsh & McLennan Agency acquired Celedinas Insurance Group for nation-wide expansion of its private client capabilities. The transaction amount remained undisclosed.
Following the inorganic route to ramp up one’s growth profile seems a well-accepted strategy among insurers as acquisitions and consolidations rage this space. Last month, Arthur J. Gallagher & Co. AJG acquired Joseph Distel & Co, Inc. for an undisclosed amount. Also, Sun Life Assurance Company of Canada, the wholly owned subsidiary of Sun Life Financial Inc. SLF acquired the employee benefits business of Assurant Inc. AIZ for $940 million.
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