Marsh & McLennan Agency acquires Barney & Barney
New York, NY | Maandag, 03 Februari 2014
In its largest acquisition to date, Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh LLC, today announced it has acquired San Diego, California-based Barney & Barney, LLC, the country’s 34th largest brokerage firm. Terms of the transaction were not disclosed.
Founded in 1909, Barney & Barney is a leading provider of insurance, risk management, and employee benefits solutions to businesses and individuals throughout the United States and abroad. The firm has annual revenue of USD 100 million and 500 employees, all of whom will join MMA. Barney & Barney will serve as MMA’s Western regional hub under the leadership of Barney & Barney CEO Paul Hering.
“Barney & Barney’s top-notch leadership, client-centric culture, excellent reputation, and phenomenal track record for growth makes it the ideal partner to lead this very important geography for MMA,” said David Eslick, chairman and CEO of Marsh & McLennan Agency. “I welcome Barney & Barney to MMA and look forward to working with Paul Hering to further build out MMA’s presence in the West.”
Mr. Hering added: “We are excited to begin a new chapter with the MMA team. This transition is an excellent opportunity to expand our reach, ensuring new opportunities for our associates and more resources for our clients. Barney & Barney’s commitment to clients, colleagues, and community will remain the foundation for all we do as we continue to provide our clients the world-class support and expertise they have come to expect.”
Peter Zaffino, president and CEO of Marsh, said: “Since the launch of Marsh & McLennan Agency in 2008, we have steadily built the premier national platform to serve the insurance needs of midsize businesses in the United States. The acquisition of Barney & Barney represents a key milestone, further enhancing our geographic footprint, our capabilities, and our position as one of the nation’s largest agencies.”
About Marsh
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.