Marsh & McLennan Agency (MMA) has agreed to acquire Centurion, a retirement consulting, asset management, and benefit-plan advisory company, for an undisclosed price.
Based in Pennsylvania, Centurion offers institutional retirement plan consulting and fiduciary services to clients with combined plan assets of over $16bn and more than 400,000 participants.
The company, which was founded in 2006, also offers private wealth management, financial planning services, institutional pension consulting and employee group benefit consulting.
Post-acquisition, Centurion will operate under Trion Group, part of Marsh & McLennan Agency. Centurion’s managing partner Jim Hageney will continue to lead the group.
Trion co-CEO Chris Veno said: “We are delighted to welcome Centurion’s talented and experienced retirement consulting services, investment and health professionals to MMA.
“The addition of Centurion will enhance our offerings and expand our expertise, especially in retirement planning, and enable us to provide even greater support to our clients.”
Hageney said: “Joining the MMA team gives us the opportunity to provide additional innovative resources and solutions to our clients while creating new growth opportunities for our colleagues.”
The deal is anticipated to be completed in the second quarter of 2019.
Established in 2008, Marsh & McLennan Agency is the middle-market subsidiary of global insurance broker and risk adviser Marsh.
It provides commercial property, casualty, personal lines, and employee benefits to individuals and midsize businesses in North America.
Earlier this week, the company acquired Arizona-based insurance broker Lovitt & Touché for an undisclosed price. Lovitt & Touché provides business insurance and risk management solutions, personal insurance, employee benefits, and bonds and surety.
The insurance broker has more than 120 offices and 5,500 employees in the US.
Earlier in the week, Marsh’s parent company Marsh & McLennan (MMC) wrapped up its $5.6bn acquisition of UK-based insurance and reinsurance broker Jardine Lloyd Thompson (JLT).
The acquisition of JLT is expected to consolidate MMC’s leading position in insurance and reinsurance brokerage, health and retirement, with presence in over 130 countries. The enlarged company will provide advice and solutions for over $100bn of annual property/casualty insurance and reinsurance premiums written in different parts of the world.