Marsh & McLennan Agency acquires regional broker

Marsh & McLennan Agency LLC, the middle market agency subsidiary of Marsh LLC, on Tuesday said it has acquired Phoenix-based commercial broker Lovitt & Touché Inc.

Terms of the acquisition were not disclosed.

Lovitt & Touché, founded in 1911, provides commercial property, casualty, personal lines and employee health and benefits in Arizona and surrounding states, with a focus on the construction, real estate, nonprofit, health care, and manufacturing industries, Marsh & McLennan Agency said in a statement. In addition to Phoenix, the broker has offices in Tucson, Arizona, and Las Vegas.

Lovitt & Touché’s 181 employees will join the agency, and Charlie Touché, Lovitt & Touché CEO since 1998, will lead its operations in Arizona, where the firm will operate as Lovitt & Touché, a Marsh & McLennan Agency LLC Company, the statement said.

Lovitt & Touché is the 77th-largest broker of U.S. business, with 2017 U.S. brokerage revenue of $39,932,277, according to Business Insurance’s latest ranking.

Marsh & McLennan Agency’s ultimate parent, Marsh & McLennan Cos. Inc., is the world’s largest insurance brokerage, according to the ranking.