Insurance brokerage and risk management firm Marsh & McLennan Agency (MMA) has purchased South Carolina-based property/casualty and employee benefits agency Rosenfeld Einstein for an undisclosed sum.
The takeover of the agency enhances MMA's footprint into South Carolina, the underwriter said.
As per the clauses of the acquisition agreement, all of the agency's 55 employees, including principals Dan Einstein, Howard Einstein, and Nathan Einstein will join MMA's mid-Atlantic center led by Rutherfoord, a Marsh & McLennan Agency company, and remain to continue business out of the firm's Greenville, South Carolina office.
Commenting on the deal, Rutherfoord/MMA vice chairman Thomas Brown said as a well-managed and growing enterprise with a strong platform of property/casualty and employee benefits and a reputation for service excellence, Rosenfeld Einstein is a perfect fit to join MMA in the mid-Atlantic.
"With this transaction, we are expanding our market position into South Carolina and enhancing our property/casualty and employee benefit capabilities to better serve the needs of our clients," Brown added.
Rosenfeld Einstein is the 21st acquisition that Marsh & McLennan Agency has completed since November 2009 and presently, MMA generates nearly $380m in annualized revenue.
Headquartered in White Plains, New York, Marsh & McLennan Agency is a subsidiary of Marsh, which offers commercial property, casualty, personal lines, and employee benefits to clients across the US.