To build its national business for serving requirements of mid-size firms
Marsh & McLennan Agency, a subsidiary of insurance broker Marsh, has acquired The NIA Group, an independent insurance agency in the Northeast and the US, and its New York City office Kornreich-NIA.
The company said that the transaction is part of a series of strategic acquisitions as it builds a national business to serve the requirements of mid-sized companies across the country.
Established in 1926, The NIA Group has annual revenue of $62m and has offices in New Jersey, New York, Connecticut, and Florida. Headquartered in Paramus, New Jersey, The NIA Group has approximately 400 employees and provides property and casualty insurance, employee benefits, personal insurance and life insurance / estate planning.
David Eslick, chairman and CEO of Marsh & McLennan Agency, said: “The addition of The NIA Group and Kornreich-NIA to our firm gives us a strong operation in the New York metropolitan area and Florida. We’re delighted to welcome the leadership team and the employees of The NIA Group and Kornreich-NIA to our firm.
“They have a well-earned and longstanding reputation for professionalism and service excellence, which we view as essential elements for the national organization we are building at Marsh & McLennan Agency.”
Paul Gross, chairman of The NIA Group, said: “We are pleased to be joining with David and the leadership of Marsh & McLennan Agency and look forward to working as part of the team to create one of the preeminent national organizations in our industry.”
Last month, Marsh & McLennan Agency has acquired Insurance Alliance, an independent insurance agency in the Southwest.