Marsh & McLennan Agency (MMA), a subsidiary of Marsh, a global leader in insurance broking and risk management, announced it has acquired Dallas, Texas-based MHBT , one of the nation’s largest independent insurance brokers.

Terms of the transaction were not disclosed.

With roots dating back nearly 100 years, MHBT is a leading provider of insurance, risk management, and employee benefits solutions to businesses and individuals throughout the US.

The firm has annual revenue of approximately $76m and 350 employees in five offices throughout Texas. All MHBT employees will join MMA and operate under the name "MHBT, a Marsh & McLennan Agency LLC company."

MHBT will serve as MMA’s Southwest regional hub under the leadership of MHBT CEO Bill Henry. Anthony C. Gruppo, who has been serving as MMA’s Southwest regional CEO since 2013, will continue to serve as CEO of MMA Houston.

"MHBT is one of the premier insurance agencies in the US, with world class leadership, a client-centric culture, and a track record of growth. We are excited to add the strength, depth, and quality of MHBT’s entire team to MMA, and I personally look forward to working with Bill Henry on growing our presence in the Southwest," said David Eslick, MMA chairman and CEO.

Mr. Henry added: "Joining MMA is the next step in the evolution of MHBT, as it represents an excellent opportunity to expand our reach, ensure new opportunities for our colleagues, and offer more resources to our clients as they navigate an increasingly challenging risk environment."

Marsh & McLennan Agency was established in 2008 to meet the needs of midsize businesses in the US. MMA offers commercial property, casualty, personal lines, and employee benefits to clients across the US.