Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, today announced it has acquired Celedinas Insurance Group, one of Florida's largest independent agencies. Terms of the transaction were not disclosed.Established in 1959 and headquartered in Palm Beach Gardens, Florida, Celedinas generates approximately $22 million in annual revenue and specializes in providing property/casualty insurance, marine insurance, and employee benefits services to businesses and individuals, with particular expertise in working with high-net-worth individuals and families.
All of Celedinas' 120 employees and leadership, including President and CEO Ray Celedinas, are joining MMA and will continue to operate out of their existing five offices throughout Florida under the name Celedinas Insurance Group, a Marsh & McLennan Agency company, and under Mr. Celedinas' leadership. In connection with this acquisition, Mr. Celedinas also has been named National Private Client Practice leader for MMA.
"Celedinas is a top-notch, full service insurance brokerage firm that is widely recognized as a leader in the high-net worth personal lines industry," said David Eslick, chairman and CEO of Marsh & McLennan Agency. "I'm thrilled that we are joining forces and look forward to Ray and his team helping to drive forward MMA's private client strategy nationally."
"Joining MMA is an excellent opportunity for Celedinas to build upon its success over the last five decades," said Mr. Celedinas. "With the resources that MMA and Marsh bring to bear, our clients now have access to a wider range of expertise, services, and solutions to address their needs."
Marsh President and CEO Peter Zaffino added: "MMA's addition of Celedinas enhances our capabilities in high-net-worth personal lines and will allow us to accelerate revenue growth in this important segment. Ray Celedinas is a highly respected leader, and we are very pleased to welcome an accomplished executive of his caliber and experience to MMA's leadership team."
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC is a subsidiary of Marsh established in 2008 to serve as a platform for the middle market. In 2015, it expanded its national footprint into Canada. MMA offers commercial property, casualty, personal lines, and employee benefits to midsize businesses and individuals across North America.