Marsh & McLennan Agency L.L.C., a unit of insurance broker Marsh Inc., has acquired San Diego-based Barney & Barney L.L.C., Marsh & McLennan Agency said.
Terms of the transaction, which Marsh & McLennan Agency said is its largest to date and closed Jan. 31, were not disclosed.
Marsh & McLennan Agency put Barney & Barney’s annual revenue at $100 million in a statement released Monday, and said that all 500 employees would join the agency under Barney & Barney CEO Paul Hering. Barney & Barney will act as Marsh & McLennan Agency’s Western regional hub, according to the statement.
“Barney & Barney’s top-notch leadership, client-centric culture, excellent reputation and phenomenal track record for growth makes it the ideal partner to lead this very important geography for MMA,” said David Eslick, chairman and CEO of Marsh & McLennan Agency, in the statement.
“The acquisition of Barney & Barney represents a key milestone, further enhancing our geographic footprint, our capabilities, and our position as one of the nation’s largest agencies,” Peter Zaffino, president and CEO of Marsh Inc., said in the statement.
Barney & Barney was ranked as the nation’s 34th-largest brokerage of U.S. business in Business Insurance’s latest ranking, with 2012 revenues of $89.9 million. Founded in 1909, the company was also ranked the fourth-largest brokerage in the Western Region by Business Insurance.