US based underwriter Marsh & McLennan Agency (MMA), a subsidiary of broker Marsh, has acquired Progressive Benefit Solutions (PBS) for undisclosed terms and transactions.

As per the deal agreed between both the parties, PBS will trade as a division of Rutherfoord, a Marsh & McLennan Agency, boosting Rutherfoord’s employee benefits capabilities and resources in the Raleigh market.

According to the merger agreement, John McDonnell, William Salmon, Rick Kelly, and the rest of the PBS team will join Rutherfoord and continue operating out of PBS’ existing Raleigh office.

Expressing his happiness on the current deal, Rutherfoord/MMA vice chairman Thomas Brown said, "With PBS, we are able to offer greater resources and a broader platform to serve the needs of our clients in Eastern North Carolina and beyond."

PBS co-founder William Salmon said, "As a part of Rutherfoord/MMA, our clients will now have access to a wider range of products and services to address their emerging and evolving needs."

Marsh, an insurance broking and risk management firm identifies, designs, and provides innovative industry-specific solutions to protect their future.