Marsh McLennan Agency (MMA) has agreed to acquire Accel Holdings, a diversified independent insurance and advisory firm based in Waverly, Iowa.
Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
Founded in 1936, Accel provides commercial and personal insurance, employee benefits and agribusiness solutions, alongside wealth management and retirement advisory services. The firm expanded through a 2018 merger with Millhiser Smith Agency, which was founded in 1928.
Accel operates seven offices across Iowa, Illinois, Missouri and Kansas and employs more than 130 people. All employees are expected to join MMA and remain in their current locations following the acquisition.
The deal will expand MMA's presence in the Upper Midwest, while adding Accel's expertise in agribusiness, retirement and wealth management to its existing capabilities.
“The Accel Group is one of the industry’s leading firms due to its hands-on service, deep local ties, and proactive approach to managing risk,” said David Eslick, CEO of MMA.
Ryan Watkins, CEO of MMA's Upper Midwest region, said the acquisition will expand the agency's geographic footprint in Iowa and strengthen its presence in neighbouring states.
Corey Rekers, president of Property & Casualty Insurance at Accel, said MMA's national platform and specialised capabilities would build on the firm's existing operations and support its plans for future growth.
