Marsh unit to buy Top 100 broker Fisher Brown Bottrell

Marsh McLennan Agency, the small and midsized brokerage unit of Marsh LLC, said Tuesday it has agreed to acquire Fisher Brown Bottrell Insurance Inc. from Trustmark National Bank for $315.9 million in cash.

Jackson, Mississippi-based Fisher Brown Bottrell is the 72nd largest broker of U.S. business, with $54.89 million in 2022 brokerage revenue, according to Business Insurance’s most recent ranking.

The acquisition, expected to close in the current quarter, will mark Marsh McLennan Agency’s entry into the Mississippi market.

On the closing of the deal, approximately 185 employees, including CEO Scott Woods, will join Marsh McLennan Agency and continue to work from the company’s 10 offices across Mississippi, Alabama and Florida, a Marsh McLennan Agency statement said.

Founded in 1936, the brokerage places commercial property/casualty, employee benefits and surety coverage to businesses in the Southeast. Its retail brokerage business accounts for 55.8% of its revenue, employee benefits for 16.3%, and services for 21.9%.