Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired The Bostonian Group Insurance Agency, Inc. and Bostonian Solutions, Inc., collectively "Bostonian Group," one of the largest regional insurance brokerages in New England. The acquisition makes Marsh & McLennan Agency the country's 12th largest insurance agency with annual revenue of approximately $185 million. Terms of the transaction are not disclosed.
Established in 1973, Bostonian Group expanded over the years beyond its initial focus on middle market employee benefits to become a full-service insurance brokerage with dedicated capabilities in employee and executive benefits, HR services, and retirement services. The firm has 60 employees and approximately $14 million in annual revenue.
Concurrent with the acquisition, MMA announced that Jim Blue, CEO of Bostonian Group, and Phil Litos, president, Bostonian Group, will join MMA and will retain leadership roles in the firm's Boston operation. Mr. Blue will report to David L. Eslick, chairman and CEO of Marsh & McLennan Agency. All of Bostonian Group's employees will remain with the firm and join MMA.
"We're very excited about having Bostonian Group as part of Marsh & McLennan Agency," said David L. Eslick, chairman and CEO of Marsh & McLennan Agency. "Under Jim Blue, Bostonian Group has built an outstanding organization with a top-flight reputation and a growth rate that has significantly outpaced the industry."
"We are delighted to become part of Marsh & McLennan Agency and join its work to become one of our industry's top national businesses," said Mr. Blue. "This is a win for our colleagues, who are now part of a larger organization that shares our entrepreneurial spirit, commitment to clients, and focus on delivering excellent service. It's also a win for our clients, who will now have access to an organization with broader and expanding geographic reach, greater depth and breadth of risk expertise, and a wider array of potential solutions to the emerging and complex risk issues facing them now and in the future."
The Boston-based insurance broker will continue to operate under the Bostonian Group name for the foreseeable future.
