Marsh, Berry & Co. Inc. is acquiring substantially all of the assets of New York-based Gill & Roeser Inc., Willoughby, Ohio-based MarshBerry announced Wednesday.
Terms of the transaction were not disclosed.
MarshBerry is a merger and acquisition advisory and consulting firm to the insurance sector, including insurers, distributors and ancillary services.
Gill & Roeser is an independently owned boutique investment banking and reinsurance intermediary firm and capital management adviser to the insurance industry, providing capital management strategies and reinsurance services such as brokering, program structures, alternative markets, risk pooling, valuations, capital raising, and merger and acquisition consulting services.
“We already provide management consulting and M&A consulting services,” said MarshBerry President John Wepler in an interview with Business Insurance. “In order to expand that practice, we wanted to acquire Gill & Roeser because of their background. It helps us expand our team in one of our many niches, which is the insurance company and MGA practice. It expands us to six full-time employees in that niche with a national presence.”
Under the terms of the acquisition, MarshBerry is hiring the staff of Gill & Roeser Inc., including President and CEO Steven K. Bolland and Chairman Dale A. Myer, who will both become managing directors. Both will remain in New York.
MarshBerry will acquire “substantially all of the assets,” of Gill & Roeser, including its reinsurance brokerage, said Mr. Wepler. Mr. Bolland said duplicate operations, such as Gill & Roeser's broker dealer operation, will be closed down. All of Gill & Roeser's licenses will be acquired or transferred to MarshBerry.
“As a firm, we regularly look for talent that can help us complement our business model, and that would include subsequent acquisitions as we move forward,” said Mr. Wepler. “It's all based on talent.”