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Marsh L.L.C. continued its expansion into mid-market business with the acquisition announced Monday of Top 50 brokerage MHBT Inc.
Terms of the deal, which was made by Marsh's midsize business unit Marsh & McLennan Agency L.L.C., were not disclosed.
Dallas-based MHBT has annual revenue of about $76 million and 350 employees in five offices in Texas, according to a Marsh & McLennan Agency statement. MHBT is the 50th largest broker of U.S. business, according to Business Insurance's 2104 ranking.
The brokerage will serve as Marsh & McLennan Agency's Southwest regional hub under the leadership of MHBT CEO Bill Henry.
All MHBT employees will join Marsh & McLennan Agency and operate under the name MHBT, a Marsh & McLennan Agency L.L.C company, the company said.
“We are excited to add the strength, depth and quality of MHBT's entire team to MMA, and I personally look forward to working with Bill Henry on growing our presence in the Southwest,” Marsh & McLennan Agency Chairman and CEO David Eslick said in a statement.
Anthony C. Gruppo, who has served as Marsh & McLennan Agency's Southwest regional CEO since 2013, will continue to serve as CEO of the brokerage's Houston operations, the company said.
Marsh & McLennan Agency has made several significant purchases in the past several years, including Barney & Barney L.L.C. and Thomas Rutherfoord Inc., leading Marsh's expansion into the mid-market sector.
Continuing to add capabilities across its various operating segments, Marsh & McLennan Cos. Inc. posted higher profit Thursday in the face of global economic pressures and a softening property/casualty insurance market.