Marsh & McLennan Arm To Acquire For Growth In Florida Market
Zacks Investment Research | Jan 22, 2019 09:16PM ET
Marsh & McLennan Companies, Inc. (NYSE:MMC) recently announced that Marsh & McLennan Agency LLC (“MMA”) has entered into an agreement to buy Bouchard Insurance later this month. Terms of the transaction are not disclosed. MMA is a middle market agency subsidiary of Marsh, a subsidiary of the parent company.
Founded in 1948, Bouchard Insurance has offices across Clearwater, Fort Myers, Kissimmee, Maitland, Sarasota and Tampa with 260 employees. It caters to property/casualty, employee health & benefits and personal lines insurance needs of midsize businesses. It specializes in agribusiness, community associations, construction, education, healthcare, hospitality, staffing and social services industries.
Post closure, Bouchard will continue to operate from current office locations as Bouchard Insurance, a Marsh & McLennan Agency LLC company.
MMA is likely to be highly benefited by this acquisition as the transaction would help it expand its presence in Florida. Notably, Bouchard would be able to enrich customer experience and employee relations by joining the MMA team.
This is yet another strategic initiative of Marsh & McLennan to boost its portfolio and establish its presence in the United States. A number of acquisitions made over the past many years, significant capital expenditures undertaken for growth, launch of products and services, enhancement of digital capabilities and branching out into new businesses will further drive the company's growth.
Of late, the company completed significant buyouts such as Pavilion Financial Corporation, Summit Strategies Group, Otis-Magie Insurance Agency, Klein Agency and Insurance Associates, Houston-based Wortham Insurance plus Eustis Insurance & Benefits.
All these transactions further poise the company well for long-term growth.
Shares of this Zacks Rank #4 (Sell) company have inched up 0.2% in a year’s time against its Original post
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