Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has acquired employee benefits division of Kaeding, Ernst & Company, a Massachusetts-based employee benefits, life insurance, and financial planning consulting firm.
Insurer said, the division, with approximately $600,000 in annual revenue, will become a part of Bostonian Group, a Marsh & McLennan Agency company, further expanding Bostonian’s depth and expertise in employee benefits.
According to MMA , the transaction is the second complementary acquisition for Bostonian/MMA following the February acquisition of the Boston office of Kinloch Consulting Group Inc., the employee benefits division of Kinloch Holdings.
Marsh & McLennan Agency chairman and CEO David Eslick said the addition of Bostonian/MMA is part of Marsh & McLennan Agency’s strategy to build a preeminent property, casualty and employee benefits organization primarily serving the needs of the middle market.
Terms of the transaction were not disclosed.