Marsh unit buys $50 million brokerage
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Marsh McLennan Agency, the small and midsized brokerage unit of Marsh LLC, said Wednesday it has bought HMS Insurance Associates Inc., a Hunt Valley, Maryland-based agency with about $50 million in annual revenue.
Terms of the deal were not disclosed.
All of HMS’ more than 120 staff, including President Gary L. Berger, will join MMA, a Marsh statement said.
HMS is the 72nd largest broker of U.S. business, according to Business Insurance’s most recent ranking. Commercial retail business accounts for about 80% of its revenue, employee benefits about 10% and personal lines about 4%.
