Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., acquired Worcester, Massachusetts-based The Protector Group Insurance Agency, one of the largest independent agencies in New England. Terms of the transaction were not disclosed.
Founded in 1928, Protector Group offers a wide range of property/casualty insurance, employee benefits services, personal insurance, and individual financial services to midsize companies and individuals in New England. The agency generates approximately $13.6 million in annual revenues and has 84 employees operating out of three offices in Massachusetts: Worcester, Leominster, and Wellesley.
Protector Group will operate out of Marsh & McLennan Agency’s New England hub, further expanding the region’s employee benefit capabilities and adding new property/casualty insurance resources.
All of the agency’s leadership and employees — including founder and CEO Bob Vaudreuil and Executive Vice President Jack Cahill — will join Marsh & McLennan Agency and continue to operate out of Protector Group’s existing offices.
The addition of Protector Group doubles the size of Marsh & McLennan Agency’s regional presence in New England and further enhances its ability to offer property/casualty and employee benefit capabilities to clients, said Jim Blue, CEO of Marsh & McLennan Agency’s New England region.
Protector Group is the 24th acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. Marsh & McLennan Agency currently generates approximately $410 million in annualized revenue. Marsh & McLennan Agency has its main office in White Plains, N.Y. Its parent Marsh & McLennan Companies is headquartered in New York City.