Marsh & McLennan Agency L.L.C. has acquired Prescott Pailet Benefits L.P.
Marsh & McLennan Agency, a unit of a brokerage subsidiary of Marsh & McLennan Companies Inc., New York (NYSE:MMC), will be making Prescott Pailet, Dallas, part of the Southwest regional hub the agency created in November 2009 by acquiring Insurance Alliance, Houston.
The Marsh & McLennan Agency has talked about creating a national distribution network by acquiring “hubs and spokes.” Prescott Pailet is the 11th acquisition the agency has announced since it made the Insurance Alliance deal.
Prescott Pailet was formed in 2006 by the merger of two older firms. It now generates about $6 million in annual revenue.
Marsh & McLennan is not saying how much it is paying for the benefits brokerage firm, but it says all of the firm’s managers and employees will go to work for Marsh & McLennan, and that the firm will continue to support philanthropic efforts in the Dallas area.