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Marsh & McLennan Agency L.L.C., the middle-market agency subsidiary of Marsh L.L.C., said Thursday it has acquired Highsmith Insurance, a Raleigh, North Carolina-based brokerage firm for an undisclosed sum.
Highsmith offers insurance and bond products to midsize employers and individuals throughout the mid-Atlantic with offices in Raleigh; Charleston, South Carolina; and Nashville, Tennessee, MMA said in a statement.
Highsmith has about 25 employees, according to the company’s website, all of whom will join MMA.
“We are focused on adding high-quality agencies in the mid-Atlantic with strong management, a great mix of business, and talented colleagues with a dedication to client service,” Tom Brown, chairman of MMA mid-Atlantic region, said in a statement.
"Joining MMA provides us with access to a national footprint that will enable us to grow, offer our clients additional expertise and resources, and provide our colleagues new career opportunities,” Ty Highsmith, president of Highsmith, said in a statement.
The third quarter of 2017 was the 18th consecutive quarter of commercial insurance rate declines, according to the Marsh Global Insurance Market Index released Tuesday by Marsh L.L.C.