NEW YORK--(BUSINESS WIRE)--Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired Prescott Pailet Benefits LP (PPB), a $6 million employee benefits broker based in Dallas, Texas. Terms of the transaction were not disclosed.
Formed in 2006 by the combination of Prescott Benefit Services and Pailet Financial Services, PPB offers a diversified mix of health, life, dental, and disability products to a wide range of organizations. PPB will operate within MMA’s Southwest regional hub created by the November 2009 acquisition of Houston-based Insurance Alliance, further enhancing MMA’s depth and expertise in employee benefits in the region. All of PPB’s leadership and employees will join MMA and continue their longstanding support of and commitment to philanthropy in the Dallas area.
“Prescott Pailet Benefits is an excellent addition to Marsh & McLennan Agency and is consistent with our overall strategy to acquire high-quality local talent and expertise to expand the resources available to our clients,” said Dave Eslick, chairman and CEO of MMA. “These complementary acquisitions are an essential component of MMA’s strategy to become one of our industry’s preeminent national firms primarily serving the employee benefit and property and casualty needs of companies across the United States.”
“I’m thrilled that Prescott Pailet Benefits will become part of Marsh & McLennan Agency’s Southwest hub,” said Woody Woodard, CEO of MMA’s Southwest operations. “The addition of PPB’s talented leadership and benefits team will enhance our ability to offer a full spectrum of property, casualty, and employee benefit capabilities to our clients in the Southwest.”
“Becoming part of Marsh & McLennan Agency is the next step in the evolution of Prescott Pailet Benefits,” said Dan Prescott, principal, PPB. “Our clients will continue to enjoy the same high-quality service and care they’ve come to expect from PPB while benefiting from a broader array of capabilities and resources through MMA.”
PPB is the 11th acquisition MMA has made since November 2009.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC was established in 2008. It operates independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the United States. More information can be found at www.marshmclennanagency.com
About Marsh
Marsh, the world’s leading insurance broker and risk advisor, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has over 24,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a member of Marsh & McLennan Companies, a global professional services firm with 52,000 employees worldwide and annual revenue exceeding $10 billion, which is also the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. Its stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. Follow Marsh on Twitter @Marsh_Inc.