One hundred years goes by in a blink and an insurance agency built by one family from the ground up, from one generation to the next is purchased by the proverbial bigger fish.
That is what just happened to Fargo, North Dakota’s Dawson Insurance. Started by Charles Dawson in 1917 and peopled today by his grandchildren and great grandchildren, the company will now by owned by
Marsh & McClennan Agency (MMA), the world’s largest insurance brokerage, based in New York.
Tom Dawson said he is not crying in his milk. “Nobody is leaving. Everybody is staying put,” he said.
The company web site features personal letter to friends and clients and signed by Dawson, president and until a few days ago majority shareholder. It reads in part:
“This is the right move at the right time for Dawson Insurance, its employees and valued clients, and we’re looking forward to the opportunities this combination of two great companies will bring.
“So why did we do this? Realizing some change for Dawson made sense to ensure its future, we started exploring various possibilities. After analyzing and identifying the best strategy for future growth, career opportunities for our employees and delivering enhanced risk management solutions to our clients, the acquisition by MMA best met our goals.
“MMA’s decentralized business model empowers local leaders and service teams to operate in ways that make sense to them, their clients, and the communities in which they operate. Consequently, no positions were eliminated because of this change; instead, Dawson Insurance is now better positioned to grow its employee base.
“I will continue as President. Our name will stay the same, we aren’t moving, our client’s service teams will not change, and our community philanthropy and involvement will remain strong.”
MMA regional CEO Bill Jeatran was equally upbeat and also sounded a note of continued independence for Dawson. “When you’re buying great firms, you certainly don’t want to change the greatness about the firm or the culture; you want to complement them and help them grow,” he said.
