Marsh & McLennan Agency (MMA) has agreed to acquire Florida-based full-service agency Bouchard Insurance for an undisclosed price.
Headquartered in Clearwater, Bouchard Insurance offers property/casualty, employee health and benefits, and personal lines insurance solutions and expertise to medium sized businesses. Its acquisition is expected to expand the footprint of MMA in Florida.
The insurance agency is said to have expertise in the agribusiness, community associations, construction, staffing, healthcare, education, hospitality and social services industries.
MMA chairman and CEO David Eslick said: “Bouchard’s strong client-first culture and commitment to the education and development of its colleagues make it a powerful addition to our growing presence across the US.”
Established in 1948, Bouchard Insurance has a workforce of over 250 people and has offices in Clearwater, Fort Myers, Kissimmee, Maitland, Sarasota, and Tampa.
The insurance agency will maintain its existing office locations following the acquisition and will operate as a Marsh & McLennan Agency company under its original name. Doug Bishop, its CEO since 2009, will continue to head the business.
Bishop said: “By joining the MMA team we have the opportunity to provide innovative resources and solutions for our clients, and new growth opportunities for our colleagues. Equally important, MMA shares our passion to support the communities we serve.
“We are excited to play a role in the ongoing growth of this dynamic national firm.”
The acquisition is slated to be completed later this month.
MMA is the middle market agency subsidiary of global insurance broking and risk management solutions provider Marsh, which in turn, is a wholly owned subsidiary of Marsh & McLennan Companies. The Marsh subsidiary provides commercial property, casualty, personal lines, and employee benefits to midsize businesses and individuals in North America.
In December 2018, MMA acquired Otis-Magie Insurance Agency, a privately owned independent agency based in Minnesota, for an undisclosed price. Otis-Magie offers business insurance, employee benefits, and personal insurance products and services to clients in the northern Minnesota region.
In September 2018, Marsh & McLennan agreed to acquire Jardine Lloyd Thompson (JLT) Group, a UK-based insurance and reinsurance broker, in an all-cash deal worth $5.6bn.