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Marsh & McLennan Agency L.L.C., a division of Marsh L.L.C., has acquired Palm Beach, Florida-based property/casualty insurance broker Celedinas Insurance Group, Marsh said Wednesday.
Terms of the transaction were not disclosed.
White Plains, New York-based Marsh & McLennan Agency aims to enhance its capabilities in high-net-worth personal lines with the acquisition, Marsh L.L.C. President and CEO Peter Zaffino said in a statement.
Joining Marsh gives Celedinas the opportunity to keep its operating model, leadership structure and culture, while “gaining access to capital and resources from the world's leading insurance broker and securing a leadership role at a growing national agency,” Celedinas said in a statement.
All of Celedinas' 120 employees and executives, including President and CEO Ray Celedinas, are joining Marsh and will continue to operate out of their five Florida offices under the name Celedinas Insurance Group, a Marsh & McLennan Agency company, Marsh said in its statement.
Mr. Celedinas, who will continue to lead the group, has also been named national private client practice leader for Marsh & McLennan Agency.
“Ray Celedinas is a highly respected leader, and we are very pleased to welcome an accomplished executive of his caliber and experience to MMA's leadership team,” Mr. Zaffino said in the Marsh statement.
Marsh & McLennan Cos. Inc., the ultimate parent of Marsh & McLennan Agency, is the world's largest insurance brokerage, according to Business Insurance's latest ranking.
Marsh & McLennan Cos. Inc.'s fourth-quarter 2015 revenue rose 2.8% over the corresponding period a year earlier to $3.34 billion, Marsh & McLennan announced Thursday.