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White Plains, N.Y.-based Marsh & McLennan Agency L.L.C., a subsidiary of insurance broker Marsh Inc., is acquiring Howalt McDowell Insurance Inc., the largest independent agency in South Dakota. Terms of the transaction were not disclosed.
Founded in 1946, Sioux Falls, S.D.-based Howalt McDowell has annual revenue of approximately $16 million and offers a wide range of property/casualty, surety, personal protection and employee benefits insurance to midsize businesses in the upper Midwest.
All of the agency's leadership and employees, including CEO Jeff Scherschligt, will join MMA's upper Midwest hub in Minneapolis but continue to operate out of the firm's headquarters office.
Howalt McDowell is the 23rd acquisition MMA has completed since November 2009. MMA generates approximately $395 million in revenue annually.
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