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MARSH & McLENNAN AGENCY ACQUIRES THE NIA GROUP, LLC, ONE OF NEW YORK AREA’S LARGEST INDEPENDENT AGENCIES
Acquisition Continues Process to Build National Business
New York, December 21, 2009 — Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., today announced it has acquired The NIA Group, LLC, one of the largest independent insurance agencies in the Northeast and the 34th largest agency in the U.S., and its New York City office Kornreich-NIA. The transaction is part of a series of strategic acquisitions as Marsh & McLennan Agency builds a national business to serve the needs of mid-sized companies across the country. Terms of the transaction were not disclosed.
Established in 1926, The NIA Group has annual revenue of $62 million and has offices in New Jersey, New York, Connecticut, and Florida. Headquartered in Paramus, New Jersey, The NIA Group has approximately 400 employees and provides property and casualty insurance, employee benefits, personal insurance and life insurance / estate planning.
David Eslick, chairman and CEO of Marsh & McLennan Agency, said, "The addition of The NIA Group and Kornreich-NIA to our firm gives us a strong operation in the New York metropolitan area and Florida. We're delighted to welcome the leadership team and the employees of The NIA Group and Kornreich-NIA to our firm. They have a well-earned and longstanding reputation for professionalism and service excellence, which we view as essential elements for the national organization we are building at Marsh & McLennan Agency."
Paul Gross, chairman of The NIA Group, said, "We are pleased to be joining with David and the leadership of Marsh & McLennan Agency and look forward to working as part of the team to create one of the preeminent national organizations in our industry."
In October 2008, Marsh established Marsh & McLennan Agency to be one of the premiere insurance agencies in the United States, offering commercial property and casualty, personal lines, employee benefits and life insurance/estate planning to clients across the U.S; Mr. Eslick joined the firm at the start of 2009 with a track record of success in building national insurance agencies in the same manner. Last month, Marsh & McLennan Agency acquired Insurance Alliance, one of the largest independent insurance agencies in the Southwest.
About The NIA Group, LLC
Headquartered in Paramus, New Jersey, The NIA Group, LLC operates a network of branch offices in New Jersey, New York, Connecticut, and Florida, employing approximately 400 insurance professionals. As a full-service brokerage firm, NIA provides insurance and financial services to more than 10,000 businesses and 30,000 individuals and families. For more information about The NIA Group, visit www.niagroup.com.
About Marsh & McLennan Agency LLC
Marsh & McLennan Agency LLC, a subsidiary of Marsh Inc., the world’s leading insurance broker and risk advisor, was established in 2008 to meet the needs of mid-sized businesses in the U.S. The firm will operate independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
Marsh Inc. has over 23,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 52,000 employees and annual revenue of $11 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC’s Web Site is www.mmc.com.
Media Contact
Al Modugno
212 345 2448
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