Marsh & McLennan has acquired Celedinas Insurance Group, one of Florida’s premier independent agencies, the broker announced earlier this week.
The terms of the transaction were not disclosed.
The Palm Beach Gardens-based Celedinas, established 1959, specializes in offering property/casualty insurance, marine insurance, and employee benefits services to businesses and individuals, particularly catering to high-net worth clients. The agency generates about $22 million in annual revenue.
The entire 120-strong Celedinas team will join Marsh & McLennan Agency, including President and CEO Ray Celedinas. Celedinas will continue its operations in its five offices throughout Florida under the name Celedinas Insurance Group—a Marsh & McLennan Agency company. Ray Celedinas retains leadership of the operations, and has also been named National Private Client Practice leader for Marsh & McLennan.
Acquiring Celedinas will improve Marsh & McLennan’s expertise in handling “high-net worth personal lines,” said Marsh & McLennan President and CEO Peter Zaffino.