Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has purchased California-based Barney & Barney for an undisclosed sum.
Established in 1909, Barney & Barney offers insurance, risk management, and employee benefits services to businesses and individuals across the US and internationally. The company generates annual revenue of $100m.
Under the terms of the agreement, all the 500 staff at Barney & Barney will join MMA and the acquired entity will operate as MMA’s Western regional centre. Barney & Barney CEO Paul Hering will lead the center.
Marsh president and CEO Peter Zaffino said, "The acquisition of Barney & Barney represents a key milestone, further enhancing our geographic footprint, our capabilities, and our position as one of the nation’s largest agencies."
Founded in 2008, Marsh & McLennan Agency operates autonomously and offers commercial property, casualty, personal lines, and employee benefits to clients across the US.
Image: Marsh & McLennan headquarters in the Americas. Photo: courtesy of Americasroof.