Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced it has RJF Agencies Inc., one of the largest independent insurance agencies in the upper Midwest. Terms of the transaction were not disclosed.
Founded in 1986, RJF has annual revenue of approximately $25 million and roughly 150 employees. Headquartered in Minneapolis, Minn., RJF provides property and casualty insurance and employee benefits to middle market companies in a wide range of industries. The firm has specialty practices in manufacturing, condominium and townhome associations, management liability, and contractors, among others.
All of RJF’s employees and leadership team, including Bill Jeatran, CEO, and Tim Fleming, president, will join MMA.
RJF will serve as MMA’s upper Midwest hub and is the latest in a number of acquisitions MMA has made since beginning a national expansion in 2009.
Most recently, MMA announced the acquisitions of Trion Group Inc., a large privately held employee benefits specialist based in Conshohocken, Pa., and Strategic Benefit Solutions Inc., a premier benefits brokerage and consulting firm based in Alpharetta, Ga.
MMA said it now has approximately $285 million in annual revenue. It was established in 2008 to meet the needs of midsize businesses in the United States. MMA operates independently from Marsh to offer commercial property, casualty, personal lines and employee benefits insurance products and services.
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