Marsh & McLennan Agency Acquires Liscomb Hood Mason
04 1월 2013 - 11:00PM
Business Wire
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance
broker Marsh Inc., today announced the acquisition of Liscomb Hood
Mason Co., a $2.2 million revenue agency based in Duluth,
Minnesota. Terms of the transaction were not disclosed.
With roots dating back to 1927, Liscomb Hood Mason offers a wide
range of property/casualty and employee benefit products and
services to businesses and individuals in Minnesota. All of the
firm’s leadership and employees, including its president Larry
Sumbs, will join MMA and operate within MMA’s upper Midwest
hub.
“Liscomb Hood Mason’s strong community presence in Duluth,
dedication to service excellence, and top-notch leadership make it
an excellent fit for MMA,” said Bill Jeatran, Minneapolis-based CEO
of MMA’s upper Midwest region. “With Liscomb Hood Mason, we are
able to offer greater resources and a broader platform to serve the
needs of our clients in the upper Midwest.”
”We are pleased to be joining MMA and view this move as an
opportunity to build on the success Liscomb Hood Mason has had over
the last 85 years,” Mr Sumbs said. “As part of MMA, our clients
will now have access to a wider range of products and services to
address their emerging and evolving risk and benefit issues.”
Commenting on the transaction, David Eslick, chairman and CEO of
Marsh & McLennan Agency, said: “Liscomb Hood Mason is another
example of how we are adding high caliber, local talent and
expertise to enhance the resources available to our MMA clients. I
welcome Larry and the rest of the Liscomb Hood Mason team to
MMA.”
*Editor’s note: Marsh & McLennan Companies co-founder Donald
R. McLennan was a Duluth native who in 1894 began his insurance
career at Stryker, Manley & Buck, later renamed McLennan-Manley
Agency. In 1905, McLennan-Manley Agency merged with two other firms
to form Chicago-based Burrows, Marsh & McLennan, which was
renamed Marsh & McLennan in 1906. Jon Welles, a principal
shareholder in Liscomb Hood Mason and current chief financial
officer, is the great nephew of Mr McLennan. New York-based Marsh
& McLennan Companies is the global parent of Marsh Inc.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was
established in 2008 to meet the needs of midsize businesses in the
U.S. MMA operates autonomously from Marsh to offer commercial
property, casualty, personal lines, and employee benefits to
clients across the U.S.
About Marsh
Marsh, a global leader in insurance broking and risk management,
teams with its clients to define, design, and deliver innovative
industry-specific solutions that help them protect their future and
thrive. It has approximately 26,000 colleagues who collaborate to
provide advice and transactional capabilities to clients in over
100 countries. Marsh is a wholly owned subsidiary of Marsh &
McLennan Companies (NYSE: MMC), a global team of professional
services companies offering clients advice and solutions in the
areas of risk, strategy and human capital. With 53,000 employees
worldwide and annual revenue exceeding $11 billion, Marsh &
McLennan Companies is also the parent company of Guy Carpenter, a
global leader in providing risk and reinsurance intermediary
services; Mercer, a global leader in human resource consulting
and related services; and Oliver Wyman, a global leader in
management consulting. Follow Marsh on Twitter @Marsh_Inc.
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