New York-based Marsh & McLennan Agency, a subsidiary of insurance mega-broker Marsh Inc., has acquired Insurance Alliance, one of the largest independent insurance agencies in Texas.
Terms of the deal were not disclosed. Marsh said the transaction marks the first of a series of planned strategic acquisitions as Marsh & McLennan Agency builds a national business to serve the needs of small to mid-sized companies across the country.
Houston-based Insurance Alliance has annual revenue of $15 million and more than 1,500 commercial clients located primarily in Texas and throughout the Southwest. The firm has specialist teams serving clients in construction, surety, energy and marine, professional services, general property and casualty and employee benefits. The firm employs 72.
“As a well-managed and growing enterprise with a highly qualified professional team and a reputation for service excellence, Insurance Alliance fits perfectly with the national organization we are working to build at Marsh & McLennan Agency,” said David Eslick, chairman and CEO of Marsh & McLennan Agency.
Concurrent with the acquisition, Woody Woodard has been appointed CEO of Marsh & McLennan Agency’s new Southwest operation. Woodard had been chairman of Insurance Alliance.
In addition, Insurance Alliance executives Jim Berger will be COO and Jim Tomforde will be vice president of sales for the Southwest.
Marsh & McLennan Agency was established in Oct. 2008.