Marsh McLennan Agency has agreed to acquire McGriff Insurance Services, LLC, an affiliate of TIH, for $7.75bn.
McGriff, which bought Alternative Risk Resources in September 2023, specialises in broking for commercial property and casualty insurance, surety, employee benefits and personal lines insurance solutions, and also has an ART and captive consulting business, including for single parent and group captive business.
“Marsh McLennan Agency has long held McGriff’s legacy and reputation in the highest regard,” said David Eslick, chairman and CEO of Marsh McLennan Agency.
“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.”
Read Davis, CEO of McGriff, said: “Marsh McLennan’s global resources and insights will enable us to deliver even greater value to those we serve while creating exciting opportunities for the growth and development of our team.
“This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”
The deal is targeted to be closed by year-end, subject to regulatory clearance and other standard closing conditions, with the more than 3,500 McGriff employees, including CEO Davis, joining Marsh McLennan Agency and continuing to operate from existing office locations.