Marsh & McLennan Agency Acquires Howalt+McDowell Insurance
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced that it has acquired Howalt+McDowell Insurance, Inc., the largest independent agency in South Dakota. Terms of the transaction were not disclosed.
Founded in 1946, Howalt+McDowell has annual revenue of approximately $16 million and offers a wide range of property/casualty, surety, personal protection, and employee benefits insurance to individuals and midsize businesses in the upper Midwest. All of the agency's leadership and employees, including CEO Jeff Scherschligt, will join MMA's upper Midwest hub and operate out of the firm's existing Sioux Falls, South Dakota office.
“With Howalt+McDowell, we are adding high-quality, local talent and expertise in the upper Midwest to complement and expand the resources available to our clients,” said David Eslick, chairman and CEO of MMA. “We welcome Jeff Scherschligt and the rest of the Howalt+McDowell team to MMA and look forward to expanding our presence in South Dakota.”
“Joining forces with MMA provides our clients with access to even greater depth and breadth of risk and benefit expertise and a wider array of services and solutions to help them grow in this increasingly challenging risk environment,” Mr. Scherschligt said. “We are thrilled to become a part of MMA and look forward to helping to build what is fast becoming one our industry's top national agencies.”
Howalt+McDowell is the 23rd acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. MMA currently generates approximately $395 million in annualized revenue.
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.