Insurance brokerage and risk advisory giant Marsh has today announced its acquisition of Assurance Holdings, Inc. a Schaumburg, Illinois-based independent insurance agency. Terms of the transaction were not disclosed.
Assurance is a full-service brokerage providing business insurance, employee benefits, private client insurance, and retirement services to businesses and individuals across the United States. The firm, which was founded in 1961, was officially acquired by Marsh & McLennan Agency LLC (MMA), the US middle market agency subsidiary of Marsh.
“In just over 10 years, MMA has grown into a leading $2 billion-revenue platform serving midsize businesses and individuals across the US,” said Marsh president and CEO John Doyle. “Assurance is another example of our continued ability to attract the highest quality teams to join MMA and enhance our ability to serve clients in this important segment.”
From now on, the Illinois-based agency will be known as Assurance, a Marsh & McLennan Agency LLC company. It will operate as MMA’s Midwest regional headquarters under the leadership of Anthony (Tony) Chimino, CEO of Assurance. Chimino will report to MMA chairman and CEO David Eslick.
“Assurance is a highly respected firm, recognized for their commitment to providing measurable value to clients and its acquisition represents a significant enhancement of our capabilities in the region,” commented Eslick. “We’re excited to welcome the team and their leadership to our growing organization.”
All of Assurance’s 525 colleagues will join MMA and continue to work out of their Schaumburg and Chicago offices.
Chimino said: “By joining MMA, we have the opportunity to provide innovative resources and solutions for our clients, as well as new growth opportunities for our colleagues. Equally important, MMA shares our passion for building and maintaining an award-winning workplace culture. My team is excited to play a role in the ongoing growth of this dynamic national firm.”
