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Marsh & McLennan Agency L.L.C., the middle-market agency subsidiary of Marsh L.L.C., has acquired Blakestad Inc., an independent insurance agency based in Minneapolis.
Terms of the deal were not disclosed.
Blakestad is a 14-employee firm that provides property/casualty insurance to privately held businesses and individuals, with particular expertise in working with high-net worth individuals and families worldwide, Marsh & McLennan Agency said Thursday in a statement.
Blakestad’s employees and leadership, including President Jerod Blakestad, are joining Marsh & McLennan Agency and will continue operating out of the firm’s current Minneapolis office, according to the statement.
“The addition of Blakestad to our firm expands our capabilities in the private client market with an established agency and highly regarded team of professionals,” Bill Jeatran, CEO of Marsh & McLennan Agency’s upper Midwest region, said in the statement.
Marsh L.L.C. said that it has reached an agreement to acquire AD Corretora de Seguros.