In a bid to expand its US presence,
Marsh LLC subsidiary
Marsh & McLennan announced another acquisition following its
January takeover of Scotland-based Central Insurance Services. This time, however, the acquisition marks Marsh & McLennan’s largest transaction to date.
Marsh acquired Barney & Barney LLC of San Diego, Calif., the global broker announced Wednesday. Barney & Barney is the 34th largest brokerage firm in the country, and represents a significant western hub for Marsh.
“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,” Marsh & McLennan Agency chairman and CEO David Eslick said. “I welcome Barney & Barney to MMA and look forward to working with Paul Hering to further build out MMA’s presence in the West.”
Hering, Barney & Barney’s CEO, will direct Marsh’s Western regional hub. All 500 Barney & Barney employees and its $100mn in annual revenue will go to Marsh. Barney & Barney had been in operation since 1909.
“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,” Marsh CEO Peter Zaffino said. “Since the launch of MMA in 2008, we have steadily built the premier national platform to serve the insurance needs of midsize US businesses.”
No terms of the transaction were disclosed.
