Marsh & McLennan Agency buys Independent Insurance benefits unit

White Plains, N.Y.-based Marsh & McLennan Agency L.L.C., a unit of New York-based Marsh Inc., is acquiring Independent Insurance Group Benefits Inc., the employee benefits division of Dallas-based Independent Insurance Group.

Independent Insurance Group Benefits, with annual revenue of approximately $1.4 million, will be folded into Prescott Pailet Benefits L.P., an MMA company, further expanding the brokerage’s depth and expertise in employee benefits, MMA said in a statement.

The transaction marks the first complementary acquisition for Prescott Pailet, which MMA acquired in July 2011.

Founded in 1994, Independent Insurance Group Benefits offers a full spectrum of employee benefits products and services to midsize employers in the Dallas metropolitan area. All of the group’s leadership and employees, including its president Joe Wiseman, will join Prescott Pailet, MMA said in a statement.

Terms of the transaction were not disclosed.