White Plains, New York, November 08, 2012
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced that it has acquired Worcester, Massachusetts-based The Protector Group Insurance Agency, one of the largest independent agencies in New England. Terms of the transaction were not disclosed.
Founded in 1928, Protector Group offers a wide range of property/casualty insurance, employee benefits services, personal insurance, and individual financial services to midsize companies and individuals in New England. The agency generates approximately $13.6 million in annual revenues and has 84 employees operating out of three offices in Massachusetts: Worcester, Leominster, and Wellesley.
Protector Group will operate out of MMA’s New England hub further expanding the region’s employee benefit capabilities and adding new property/casualty insurance resources. All of the agency’s leadership and employees, including Bob Vaudreuil and Jack Cahill, will join MMA and continue to operate out of Protector Group’s existing offices.
“Protector Group’s strong regional presence, top-notch leadership, and blend of property/casualty and employee benefits make it a perfect fit for MMA in New England,” said Jim Blue, CEO of MMA’s New England region. “With the addition of Protector Group we double the size of the region and further enhance our ability to offer property/casualty and employee benefit capabilities to our clients.”
“Joining MMA represents an exciting opportunity for all of the members of our firm to build upon the strong foundation we have built over the last 84 years,” said Mr. Vaudreuil, Protector Group president and CEO. “Together, MMA and Protector Group will be able to offer greater resources to our clients to address their increasingly complex needs.”
Commenting on the transaction, David Eslick, chairman and CEO of Marsh & McLennan Agency, said: “I’m delighted to welcome Bob, Jack and the rest of the Protector Group team to MMA as we continue to build what is quickly becoming one of the nation’s preeminent insurance organizations serving the needs of the middle market.”
Protector Group is the 24th acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009. MMA currently generates approximately $410 million in annualized revenue.