Marsh McLennan targets major P&C agency in $315.9m M&A deal

Global insurance brokerage Marsh McLennan will buy what it calls a top-five US bank-affiliated insurance agency and one of the largest agencies in the southeast in a deal for $315.9 million. 

Marsh has targeted Fisher Brown Bottrell Insurance (FBBInsurance) in a deal with Trustmark National Bank of Jackson, Mississippi. The agency specialises in providing commercial property/casualty insurance, surety and employee benefits services to businesses and individuals through ten offices across Mississippi, Alabama, and Florida. 

The transaction is pending regulatory approval and standard closing conditions and is expected to close during the second quarter of 2024. 

Peter Krause, president and CEO of Marsh McLennan Agency’s Southeast region, said: “FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”

Scott Woods, CEO of FBBINSURANCE, said: “We take great pride in the integrity, service, and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.”

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