Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced the acquisition of Liscomb Hood Mason Co., a $2.2 million revenue agency based in Duluth, Minnesota. Terms of the transaction were not disclosed.
With roots dating back to 1927, Liscomb Hood Mason offers a wide range of property/casualty and employee benefit products and services to businesses and individuals in Minnesota. All of the firm’s leadership and employees, including its president Larry Sumbs, will join MMA and operate within MMA’s upper Midwest hub.
“Liscomb Hood Mason’s strong community presence in Duluth, dedication to service excellence, and top-notch leadership make it an excellent fit for MMA,” said Bill Jeatran, Minneapolis-based CEO of MMA’s upper Midwest region. “With Liscomb Hood Mason, we are able to offer greater resources and a broader platform to serve the needs of our clients in the upper Midwest.”
”We are pleased to be joining MMA and view this move as an opportunity to build on the success Liscomb Hood Mason has had over the last 85 years,” Mr Sumbs said. “As part of MMA, our clients will now have access to a wider range of products and services to address their emerging and evolving risk and benefit issues.”
Commenting on the transaction, David Eslick, chairman and CEO of Marsh & McLennan Agency, said: “Liscomb Hood Mason is another example of how we are adding high caliber, local talent and expertise to enhance the resources available to our MMA clients. I welcome Larry and the rest of the Liscomb Hood Mason team to MMA.”
*Editor’s note: Marsh & McLennan Companies co-founder Donald R. McLennan was a Duluth native who in 1894 began his insurance career at Stryker, Manley & Buck, later renamed McLennan-Manley Agency. In 1905, McLennan-Manley Agency merged with two other firms to form Chicago-based Burrows, Marsh & McLennan, which was renamed Marsh & McLennan in 1906. Jon Welles, a principal shareholder inLiscomb Hood Mason and current chief financial officer, is the great nephew of Mr McLennan. New York-based Marsh & McLennan Companies is the global parent of Marsh Inc.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was established in 2008 to meet the needs of midsize businesses in the U.S. MMA operates autonomously from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in human resource consulting and related services; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.