Marsh unit buys Top 100 firm

Marsh & McLennan Agency LLC, the middle-market agency subsidiary of Marsh LLC, said Tuesday it has agreed to acquire Clearwater, Florida-based brokerage Bouchard Insurance Inc. for an undisclosed sum.

The deal is expected to close later this month, Marsh & McLennan Agency said in a statement.

Bouchard has 260 staff and offers property/casualty insurance, employee benefits and personal lines to midsize businesses in Florida from its six office locations in Clearwater, Fort Myers, Kissimmee, Maitland, Sarasota and Tampa.

In its statement, the agency said Bouchard will maintain its existing office locations and operate as Bouchard Insurance, a Marsh & McLennan Agency company.

A spokeswoman confirmed that all 260 staff are joining Marsh & McLennan Agency. Doug Bishop, CEO of Bouchard since 2009, will continue to lead the company, the statement said.

Founded in 1948, Bouchard is the 74th-largest brokerage of U.S. business, with $42.5 million in U.S. revenue, according to Business Insurance’s latest ranking. Its business comprises 57.2% retail brokerage, 9.9% personal lines and 32.3% employee benefits.

Bouchard serves employers in the agribusiness, community associations, construction, education, health care, hospitality, staffing and social services industries, according to the statement.