Marsh McLennan to acquire McGriff Insurance Services in $7.75bn transaction

Marsh McLennan, the global insurance and reinsurance broker, has reached an agreement through its subsidiary, Marsh McLennan Agency to acquire full-service insurance brokerage, McGriff Insurance Services, LLC, for a cash consideration of $7.75 billion, funded by a combination of cash and proceeds from debt financing.

Under the terms of the transaction, which is targeted to close by the end of this year subject to regulatory clearance and other standard closing conditions, Marsh McLennan will assume a deferred tax asset valued at approximately $500 million.

Founded in 1886, McGriff is a provider of commercial property and casualty (P&C) insurance, surety, employee benefits and personal lines insurance solutions to businesses and individuals across the US.

For the trailing 12 months ending June 30th, 2024, McGriff reported $1.3 billion of revenue.

The acquisition aims to enhance Marsh McLennan Agency’s capabilities across commercial P&C, employee benefits, management liability, and personal lines.

Upon closing, Chief Executive Officer (CEO), Read Davis along with the McGriff team of over 3,500 employees, will join Marsh McLennan Agency and continue operating from their existing office locations.

Davis commented, “Marsh McLennan’s global resources and insights will enable us to deliver even greater value to those we serve while creating exciting opportunities for the growth and development of our team. This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”

John Doyle, President and CEO of Marsh McLennan, said, “McGriff is a business with excellent leadership, outstanding talent and a record of strong growth. The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”

David Eslick, Chairman and CEO of Marsh McLennan Agency, added, “Marsh McLennan Agency has long held McGriff’s legacy and reputation in the highest regard.

“Their client-centric focus, culture and proven record of success mirror our own. The firm will be an important addition to the business we have built over 15 years. Together, our talent and expertise will deliver actionable solutions that help clients build the confidence to thrive.”

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