Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced it has acquired Howalt+McDowell Insurance Inc., the largest independent agency in South Dakota. Terms of the transaction were not disclosed.
Founded in 1946, Howalt+McDowell has annual revenue of approximately $16 million and offers a wide range of property/casualty, surety, personal protection, and employee benefits insurance to individuals and midsize businesses in the upper Midwest.
All of the agency’s leadership and employees, including CEO Jeff Scherschligt, will join MMA’s upper Midwest hub and operate out of the firm’s existing Sioux Falls, South Dakota office.
Howalt+McDowell is the 23rd acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. MMA currently generates approximately $395 million in annualized revenue.
Source: Marsh & McLennan Agency