Marsh & McLennan Agency (MMA), a US-based insurance brokerage and risk management firm, has purchased property/casualty insurance agency Cambridge Property & Casualty of Michigan.
Established in 1974, Cambridge insurance agency offers an array of property/casualty insurance and risk management services to midsize businesses and ultra-rich clients, globally.
MMA, a subsidiary of insurance broker Marsh, said that the acquired business has nearly $6m in annual revenues and 41 staff, all of whom will join MMA.
Following the completion of the transaction, Cambridge will operate within MMA’s upper Midwest region, enhancing the firm’s property/casualty capabilities in Michigan.
McGraw Wentworth president Thomas McGraw said that Cambridge’s leadership and reputation for service excellence makes it a tremendous addition to MMA and an excellent complement to its existing employee benefits operations in Michigan.
"Together, MMA will be able to provide businesses with a full range of property/casualty and employee benefit products and services to meet their evolving needs," McGraw added.
Troy-based McGraw Wentworth is a Marsh & McLennan Agency company, which was acquired by MMA in January 2013.
Cambridge Property & Casualty CEO Kenneth Hale said, "This will greatly enhance our resources to clients while at the same time allow us to maintain and enhance the spirit of excellence and individuality of our client-focused organization."
The latest deal follows MMA acquisition of Texas-based Elsey & Associates in November this year.
Photo courtesy of Americasroof.