Assurance as a full-service brokerage has been offering business insurance, private client insurance, employee benefits, and retirement services
Illinois-based Assurance acquired by Marsh & McLennan Agency. (Credit: Pete Linforth from Pixabay)
Marsh & McLennan Agency (MMA), the US middle market agency subsidiary of Marsh, has acquired Illinois-based Assurance for an undisclosed price.
The acquired business in an independent insurance agency headquartered in Schaumburg.
Established in 1961, Assurance as a full-service brokerage has been offering business insurance, private client insurance, employee benefits, and retirement services. The insurance agency caters to both businesses and individuals across the US.
Marsh president and CEO John Doyle said: “In just over 10 years, MMA has grown into a leading $2 billion-revenue platform serving midsize businesses and individuals across the US. Assurance is another example of our continued ability to attract the highest quality teams to join MMA and enhance our ability to serve clients in this important segment.”
Assurance’s CEO Anthony (Tony) Chimino will continue to lead the business which will serve as the Midwest regional headquarters for MMA. The 525 employees of Assurance will be absorbed in MMA and will continue to operate from their offices in Schaumburg and Chicago.
Tony Chimino said: “By joining MMA, we have the opportunity to provide innovative resources and solutions for our clients, as well as new growth opportunities for our colleagues. Equally important, MMA shares our passion for building and maintaining an award-winning workplace culture.”
Marsh & McLennan Agency serves midsize businesses and individuals in North America
Marsh & McLennan Agency was founded in 2008 by Marsh to serve as a platform for the middle market. The middle market agency caters to midsize businesses and individuals across North America with its expertise in commercial property, casualty, personal lines, and employee benefits.
Earlier this year, Marsh & McLennan Agency acquired Momentous Insurance Brokerage for an undisclosed price. Momentous Insurance Brokerage is a full-service risk management and employee benefits provider, which specialises in high net worth private client services and insurance solutions for the entertainment sector.