Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., acquired Independent Insurance Group Benefits Inc., the employee benefits division of Dallas, Texas-based Independent Insurance Group.
Terms of the deal were not disclosed.
Independent Insurance Group Benefits will be folded into Prescott Pailet Benefits, a Marsh & McLennan company. The transaction marks the first complementary acquisition for Prescott Pailet, which Marsh & McLennan Agency acquired in 2011.
Independent Insurance Group Benefits, which reports annual revenues of roughly $1.4 million, offers employee benefits products and services to midsize employers in the Dallas metropolitan area. The group’s leadership and employees will join Prescott Pailet.
Marsh & McLennan Agency operates autonomously from Marsh to offer commercial property, casualty, personal lines and employee benefits to clients across the US.
Marsh Inc. is a wholly owned subsidiary of Marsh & McLennan Cos. (NYSE: MMC), which reports annual revenue of over $11 billion.
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