The deal places FBBINSURANCE at almost six times its 2023 revenue and 28 times its most recent net income.

Founded in 1936, FBBINSURANCE is known for its commercial property and casualty insurance, surety, and employee benefits services provided to organizations and individuals across the Southeast United States. Headquartered in Jackson, Mississippi, the firm is among the top five largest bank-affiliated insurance agencies in the country and is a major player in the Southeast region.

Upon the closing of the acquisition, FBBINSURANCE’s team, including CEO Scott Woods, will join Marsh McLennan Agency. The team will continue to operate out of their existing 10 offices in Mississippi, Alabama, and Florida.

Woods said: “We take great pride in the integrity, service, and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.

He continued: “Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.”

The transaction is pending regulatory approval and the fulfillment of standard closing conditions, with expectations for the deal to be finalized during the second quarter of 2024. 

Peter Krause, President & CEO of Marsh McLennan Agency’s Southeast region, also commented, saying: “FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”

Duane A. Dewey, President and CEO of Trustmark, added: “Trustmark entered the insurance brokerage business 25 years ago. Since then, the agency has grown from a single office in Jackson to ten offices across Mississippi, Alabama, and Florida to become one of the largest bank-affiliated insurance brokerages in the country, and one of the largest in the Southeast. The FBBINSURANCE team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.”