Marsh McLennan Agency (MMA) has acquired the Irving, TX-based Southwest Truck Insurance Agency (STI).
The terms of the transaction were not disclosed.
Founded in 1986, STI specializes in creating business insurance solutions for the trucking industry. The agency has expertise in domestic and cross-border trucking operations, and serves clients in both the US and Mexico. The five-man team of STI is led by company president John Phillips – the entire team and Phillips will join MMA following the transaction.
“Transportation and trucking organizations are part of a complex industry that requires an experienced broker to navigate their insurance needs. John and the team at Southwest Truck Insurance have built a strong reputation recognized for their service and expertise,” said MMA regional CEO Tim Fleming. “The Southwest Truck Insurance team strengthens our ability to serve clients in this growing industry and we are thrilled to welcome them to MMA.”
“Over the years, we have come to know and respect the Marsh McLennan Agency brand, capabilities, and team. Today, we are excited to unite our expertise with their resources to collectively expand our reach in the trucking industry,” added STI president John Phillips. “By joining MMA, I look forward to delivering even more solutions and services to our clients, and introducing new growth opportunities for our colleagues.”
Read more: Marsh McLennan posts Q3 2021 results
For the third quarter of 2021, Marsh McLennan – the parent company of MMA – posted consolidated revenue of $4.6 billion, representing a 16% year-over-year increase.
