Marsh McLennan has completed its acquisition of insurance broking and risk management services provider McGriff Insurance Services, LLC.
Founded in 1886, McGriff provides commercial P&C insurance, surety, employee benefits, and personal lines insurance solutions to businesses and individuals across the US. Marsh McLennan initially announced this acquisition in September, stating that the $7.75 billion deal would be funded through a combination of cash and debt financing proceeds.
Now complete, McGriff’s more than 3,500 colleagues will reportedly join Marsh McLennan Agency.
John Doyle, President and CEO of Marsh McLennan, commented, “We are thrilled to welcome the McGriff team to Marsh McLennan.
“Their deep specialty and industry capabilities will strengthen Marsh McLennan Agency’s value proposition and expand our reach in the growing middle market. Together, McGriff and MMA will deliver even greater value to clients.”
Doyle also recently observed that the acquistion will be “modestly accretive” to adjusted earnings per share in year one, and will become more meaningfully accretive in year two and beyond.
David Eslick, Chairman and CEO of Marsh McLennan Agency, said, “Armed with McGriff’s outstanding talent, leadership and expertise, we look forward to enhancing our client-centric capabilities to serve even more businesses and communities across the country.”
Read Davis, CEO of McGriff, added, “By joining Marsh McLennan Agency, our teammates gain access to expanded global resources and industry knowledge to build their career growth and bring innovative, actionable solutions to clients—who will continue to be served by the same dedicated teams and client-first strategy they know and trust.”
