Marsh & McLennan Agency expands in Northwest with acquisition
Posted On: Apr. 2, 2021 8:51 AM CST
Marsh & McLennan Agency LLC, the middle-market business of Marsh LLC, said Friday it has bought PayneWest Insurance Inc., an independent agency with about $135 million in annual brokerage revenue.
Terms of the deal were not disclosed.
Missoula, Montana-based PayneWest has more than 700 employees operating from 26 locations in the Northwest. All of the employees will join Marsh & McLennan Agency, and PayneWest will operate as the broker’s Northwest regional hub under the leadership of PayneWest CEO Kyle Lingscheit, a Marsh & McLennan Agency statement said.
PayneWest is the 33rd largest brokerage of U.S. business, according to Business Insurance’s most recent ranking.
According to BI’s 2020 Directory of Agents and Brokers, the agency’s business is 63.3% commercial retail, 17.3% personal lines and 18.8% employee benefits.