Marsh & McLennan Agency Acquires Cambridge Property & Casualty
Acquisition expands MMA’s capabilities in Michigan
White Plains, New York, December 3, 2013 – Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced the acquisition of Cambridge Property & Casualty, one of the largest property/casualty insurance agencies in Michigan. Terms of the transaction were not disclosed.
Founded in 1974 and based in Livonia, Michigan, Cambridge provides property/casualty insurance and risk management solutions to a wide range of midsize businesses and high net worth individuals throughout the world. It has roughly $6 million in annual revenues and 41 employees, all of whom will join MMA.
Cambridge will operate within MMA’s upper Midwest region, expanding the firm’s property/casualty capabilities in Michigan.
“Cambridge’s top-notch leadership and reputation for service excellence makes it a tremendous addition to MMA and an excellent complement to our existing employee benefits operations in Michigan,” said Thomas McGraw, president of McGraw Wentworth, a Marsh & McLennan Agency company, based in Troy, Michigan. “Together, MMA will be able to provide businesses with a full range of property/casualty and employee benefit products and services to meet their evolving needs.”
“We are excited to join the Marsh & McLennan Agency organization,” said Kenneth Hale, now CEO of Cambridge Property & Casualty, a Marsh & McLennan Agency company. “This will greatly enhance our resources to clients while at the same time allow us to maintain and enhance the spirit of excellence and individuality of our client-focused organization.”
Commenting on the transaction, David Eslick, chairman and CEO of Marsh & McLennan Agency, added: “Cambridge is a terrific addition to our expanding roster of high-quality agencies that now make up Marsh & McLennan Agency. I welcome Kenneth Hale, David Setlock and the rest of the Cambridge team to MMA.”
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was established in 2008 to meet the needs of midsize businesses in the U.S. MMA operates autonomously from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy, and human capital. With over 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.
News release contacts:
Sally Roberts Lee Ann Farwell
303 952 9453 212 345 1125
For a copy of the press release, click here.