Marsh & McLennan Agency acquires California brokerage
Posted On: Nov. 7, 2014 12:00 AM CST
Marsh & McLennan Agency L.L.C., a division of Marsh L.L.C., has acquired Irvine, California-based middle-market property/casualty broker NuWest Insurance Services Inc.
A spokeswoman for White Plains, New York-based Marsh & McLennan Agency declined to disclose the terms of the deal, announced Friday.
NuWest, which generates about $2.4 million in annual revenues, will become a division of Marsh & McLennan Agency's San Diego-based broker Barney & Barney L.L.C., and will be consolidated into Barney & Barney's Orange County, California, office, Marsh & McLennan said in the statement.
NuWest CEO Chuck Rosenberger and five NuWest employees will join Barney & Barney, a spokeswoman for Marsh & McLennan Agency said Friday.
“Joining (Marsh & McLennan Agency) is an excellent opportunity for NuWest to build on its success over the last 29 years,” Mr. Rosenberger said in the statement. “As part of (Marsh & McLennan Agency), our clients will now have access to a wider range of products and services to address their emerging and evolving needs.”
The transaction is the first for Marsh & McLennan Agency's western regional hub, established in February with the acquisition of Barney & Barney, according to the statement.
NuWest is just “the start of what we anticipate will be further expansion of our capabilities and resources in the West region,” Marsh & McLennan Agency's Chairman and CEO David Eslick said.