Marsh & McLennan Agency L.L.C. has announced the first in what it says will be a series of "spoke" acquisitions that it will use to expand regional hub operations.
Marsh & McLennan Agency, a unit of a brokerage subsidiary of Marsh & McLennan Companies Inc., New York (NYSE:MMC), says it acquired Strategic Benefit Solutions Inc., Alpharetta, Ga., a benefits broker founded in 1998.
Marsh & McLennan Agency is not saying how much it paid for Strategic Benefit. It estimates the firm generates about $4 million in benefits brokerage and consulting revenue.
Marsh & McLennan Agency plans to keep all of the Strategic Benefit managers and employees.
In other acquisition news, Hub International Ltd., Chicago, has acquired the shares of Hall-Conway-Jackson Inc., Bothell, Wash., and the assets of a sister firm, Cascade Insurance Group Inc.
Hall-Conway is a retail commercial property-casualty broker that was founded in 1935, and Cascade is a benefits broker.
Hub is not saying how much it is paying for the firms.
The firms' principals, Thomas Jackson and Bob Schmidt, will go to work for the Hub Northwest division, Hub says.
Meanwhile, Towers Watson & Company, New York (NYSE:TW), has completed the acquisition of Aliquant Corp., Milford, Conn., a health and welfare benefits administration outsourcing firm that has about 75 large and midsize employer customers,
Aliquant generates about $32 million in annual revenue, Towers Watson says.
The companies are not disclosing the price of the deal.
Markel Corp., Richmond, Va., says its Markel Ventures unit has acquired a majority interest in Diamond Healthcare Corp., Richmond, a behavioral health management firm, for a price that was not disclosed.
Markel Corp. has hired Bill Weirich to be a Markel Ventures managing director.
- Allison Bell
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