Marsh & McLennan Agency acquires Liscomb Hood Mason
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Marsh & McLennan Agency L.L.C., a subsidiary of insurance broker Marsh Inc., has acquired Liscomb Hood Mason Co., an insurance agency based in Duluth, Minn., with a familial link to Marsh's parent company.
While financial terms of the transaction were not disclosed, White Plains, N.Y.-based MMA reported that all of Liscomb Hood Mason's employees and leadership, including its President Larry Sumbs, will join MMA and operate as part of MMA's upper Midwest region, which is based in Minneapolis.
Liscomb Hood Mason has been providing property/casualty and employee benefits products and services to businesses and individuals throughout Minnesota since 1927. It reports annualized revenue of $2.2 million.
“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 in a statement. “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 benefits issues.”
Coincidentally, Jon Welles, a principal shareholder and chief financial officer of Liscomb Hood Mason, is the great-nephew of Donald R. McLennan, co-founder of Marsh & McLennan Cos. Inc., the global parent of Marsh Inc.
Mr. McLennan was a Duluth native who began his insurance career in 1894 at Stryker Manley & Buck, which was later renamed the McLennan-Manley Agency. The McLennan-Manley Agency merged with two other firms to form Chicago-based Furrows, Marsh & McLennan, which was renamed Marsh & McLennan in 1906.
