US based insurance brokerage and risk management firm Marsh & McLennan Agency (MMA) has acquired Liscomb Hood Mason Co, a $2.2m Minnesota based revenue agency.
Detailed terms of the transaction have not been disclosed.
Founded in 1927, the acquired business provides a wide range of property/casualty and employee benefit products and services to businesses and individuals in Minnesota.
Based on terms of the agreement, all of the company’s management team and staff, including its president Larry Sumbs, will join MMA and trade within its upper Midwest centre.
Commenting on the deal, Sumbs said, "As part of MMA, our clients will now have access to a wider range of products and services to address their emerging and evolving risk and benefit issues."
As a subsidiary of Marsh Inc, the company was founded in 2008 and delivers commercial property, casualty, personal lines, and employee benefits to clients across the US.
Marsh provides insurance broking and risk management services in more than 100 geographies, across the globe.