Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker White Plains, N.Y.-based Marsh Inc., today announced the acquisition of Wisconsin-based Security Insurance Services Inc., which has offices in New Berlin and Appleton.
Established in 1983, Security Insurance Services has annual revenue of approximately $10 million and offers a range of property/casualty and employee benefits products and services to a variety of businesses and individuals throughout the Midwest. It has particular specialties in the senior living health care, construction, and manufacturing industries.
Security Insurance Services will operate as a division of RJF, a Marsh & McLennan Agency company, expanding MMA’s presence in Wisconsin.
All of Security Insurance Services’ 65 employees, including president and chief executive officer Scott Naze, will join MMA’s upper Midwest hub and continue to work out of their existing offices in New Berlin and Appleton.
“Security Insurance Services is a high-quality firm with a well-earned and longstanding reputation for professionalism and service excellence,” said David Eslick, chairman and CEO of Marsh & McLennan Agency. “We’re thrilled to welcome the leadership and employees of Security Insurance Services to MMA and look forward to growing our market position in Wisconsin.”
“We’re excited to be joining forces with such a dynamic, growing firm,” Naze said. “As part of MMA, our clients will enjoy the same superior service they’ve come to expect from us while gaining new and enhanced capabilities and resources to meet their evolving risk management and employee benefit needs.”
Security Insurance Services is the 19th acquisition Marsh & McLennan Agency has completed since it embarked on its strategy in November 2009 to build a preeminent
national agency primarily serving the needs of the middle market. MMA currently generates approximately $365 million in annualized revenue.
Financial terms of the transaction were not disclosed.