Marsh McLennan has reached an agreement to acquire McGriff Insurance Services with a payment of US$7.75 billion in cash consideration.
In addition, Marsh McLennan will assume a deferred tax asset valued at approximately US$500 million. The transaction is targeted to close by year-end, subject to regulatory clearance and other standard closing conditions.
The move aims to enhance Marsh McLennan Agency’s capabilities across commercial property and casualty, employee benefits, management liability and personal lines.
John Doyle, president and CEO of Marsh McLennan, remarks: “McGriff is a business with excellent leadership, outstanding talent and a record of strong growth. The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”
Read Davis, CEO of McGriff, adds: “Marsh McLennan’s global resources and insights will enable us to deliver even greater value to those we serve while creating exciting opportunities for the growth and development of our team. This combination is a reflection of the quality of the McGriff team, and I am excited for our future together.”
Founded in 1886, McGriff specialises in providing commercial property and casualty insurance, surety, employee benefits and personal lines insurance solutions to businesses and individuals across the US.
The McGriff team of more than 3,500 employees, including CEO Read Davis, will join Marsh McLennan Agency and continue to operate from their existing office locations.
