Marsh McLennan, a global leader in risk, strategy, and people, announced today that its Marsh McLennan Agency division has entered into an agreement to acquire McGriff Insurance Services, LLC, a subsidiary of TIH. McGriff, a prominent provider of insurance broking and risk management services in the U.S., generated $1.3 billion in revenue over the twelve months ending June 30, 2024. This acquisition will strengthen Marsh McLennan Agency’s offerings in commercial property and casualty, employee benefits, management liability, and personal lines.
As part of the agreement, Marsh McLennan will pay $7.75 billion in cash, financed through a mix of cash and debt proceeds. Additionally, Marsh McLennan will take on a deferred tax asset valued at around $500 million. The deal is expected to close by the end of the year, pending regulatory approvals and other customary closing requirements.
“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,” said John Doyle, President and CEO of Marsh McLennan.
“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,” commented David Eslick, Chairman and CEO of Marsh McLennan Agency. “Together, our talent and expertise will deliver actionable solutions that help clients build the confidence to thrive.”
Read Davis, CEO of McGriff added: “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. This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”
Founded in 1886, McGriff specializes in providing commercial property and casualty insurance, surety, employee benefits and personal lines insurance solutions to businesses and individuals across the US. Upon closing, the McGriff team of more than 3,500 employees, including CEO Read Davis, will join Marsh McLennan Agency and continue to operate from their existing office locations.
Marsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow on LinkedIn and X.
About McGriff
An affiliate of TIH, LLC, McGriff Insurance Services, LLC is a full-service insurance broker providing risk management and insurance solutions to clients across the United States. The firm’s coverages include commercial property and casualty, corporate bonding and surety services, cyber, management liability, captives, and alternative risk transfer programs, small business, employee benefits, title insurance, personal lines, and life and health. For more information, please visit www.McGriff.com.