Marsh unit buys rival Assurance

Marsh LLC announced Wednesday that its middle-market unit has bought Assurance Holdings Inc., which is the 35th largest brokerage of U.S. business.

Schaumburg, Illinois-based Assurance will operate as the Midwest regional headquarters of Marsh & McLennan Agency LLC and will be led by its current CEO Tony Chimino, Marsh said in a statement.

Terms were not disclosed.

Assurance has 525 staff, Marsh said. According to Business Insurance’s latest ranking, Assurance reported revenue of about $115 million in 2018. About 67% of its business is commercial retail and 32% employee benefits.

Marsh & McLennan Agency, which was launched in 2009, has about $2 billion in revenue, the statement said.