According to reports, the acquisition will strengthen Marsh McLennan Agency’s capabilities across commercial property and casualty, employee benefits, management liability, and personal lines.
Under the terms of the deal, Marsh McLennan will pay $7.75 billion in cash consideration, funded by a combination of cash and debt financing. The transaction is expected to close by the end of the year, subject to regulatory approval.
McGriff, founded in 1886, offers a wide range of insurance solutions to businesses and individuals. With over 3,500 employees, McGriff will join Marsh McLennan Agency and continue to operate from its existing locations.
The acquisition marks a significant step forward for Marsh McLennan as it expands its reach and offerings in the insurance market.
John Doyle, President and CEO of Marsh McLennan, commented on the move, saying: “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, also said: “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.”
“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,@ said Read Davis, CEO of McGriff.
He added: This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”
