Marsh & McLennan Agency LLC has been making acquisitions as part of its strategy to expand its national business and serve mid-sized companies across the United States.
On Monday, Marsh & McLennan, a subsidiary of insurance broker Marsh, announced it bought the NIA Group LLC, of Paramus, N.J., one of the largest independent insurance agencies in the Northeast and its New York City office, Kornreich-NIA. The price was not disclosed.
The NIA Group, which had annual revenue of $62 million, provides property and casualty insurance, employee benefits, personal insurance, life insurance and estate planning. It has offices in New Jersey, New York, Connecticut, and Florida.
"The addition of The NIA Group and Kornreich-NIA to our firm gives us a strong operation in the New York metropolitan area and Florida,” said David Eslick, chairman and chief executive officer of Marsh & McLennan Agency.
Last week, Marsh & McLennan agreed to buy HSBC Insurance Brokers Ltd. of London for $216.9 million in cash and stock. Marsh also announced a strategic partnership with HSBC that will give Marsh access to insurance brokerage and risk management services to HSBC's corporate and private clients.
Last month, Marsh & McLennan Agency acquired Insurance Alliance, one of the largest independent insurance agencies in the Southwest.