US based insurance brokerage and risk management firm Marsh & McLennan Agency (MMA) has purchased Massachusetts based The Protector Group Insurance Agency, in an undisclosed deal.
Acquisition of the aforesaid firm, which provides property/casualty insurance, employee benefits services, personal insurance, and individual financial services, will double MMA's size in New England region.
As per terms of the deal, the group will operate out of MMA's New England centre to boost the region's employee benefit capabilities and add new property/casualty insurance resources.
Bob Vaudreuil, Protector Group president and CEO, and Jack Cahill, including all of the agency's leadership and employees, will join MMA, but continue to operate out of the group's existing offices.
The acquirer said that Protector Group is the 24th acquisition completed since it began to build its national platform in November 2009.
Established in 1928, Protector generates nearly $13.6m in annual revenues and has 84 employees operating out of three offices in Massachusetts including Worcester, Leominster, and Wellesley.
MMA is a subsidiary of Marsh Inc., which currently generates nearly $410m in annualized revenue and trades autonomously offering commercial property, casualty, personal lines, and employee benefits to clients throughout the US.