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Marsh McLennan to acquire Fisher Brown Bottrell Insurance for $345 mn

Marsh McLennan to acquire Fisher Brown Bottrell Insurance for $345 mn

Marsh McLennan Agency (MMA), a subsidiary of Marsh, plans to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank in a $345 mn all-cash deal. The acquisition values FBBINSURANCE at nearly six times its 2023 revenue and 28 times its most recent net income.

FBBINSURANCE, founded in 1936, specializes in commercial property and casualty insurance, surety, and employee benefits.

The firm operates across Mississippi, Alabama, and Florida, ranking among the top five bank-affiliated insurance agencies in the U.S. It has a strong presence in the Southeast region, with its headquarters in Jackson, Mississippi.

Following the deal, FBBINSURANCE’s CEO Scott Woods and the existing team will join MMA, continuing to operate from their current 10 offices.

Woods highlighted the firm’s commitment to maintaining high service standards while gaining access to MMA’s global resources. He acknowledged Trustmark’s support over the years and expressed enthusiasm for the agency’s new chapter under MMA.

We take great pride in the integrity, service, and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.

Scott Woods, FBBINSURANCE’s CEO

The transaction is subject to regulatory approval and is expected to close in the second quarter of 2024.

Peter Krause, President & CEO of MMA’s Southeast region, praised FBBINSURANCE’s leadership and client-focused approach, emphasizing how the acquisition strengthens MMA’s Southeast presence. He expressed excitement about working with the FBBINSURANCE team to deliver tailored risk management and benefit solutions to regional businesses.

FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast.

Peter Krause, President & CEO of MMA’s Southeast region

Trustmark President and CEO Duane A. Dewey acknowledged the growth of FBBINSURANCE over the past 25 years. He noted that the agency expanded from a single office in Jackson to a network of 10 offices across three states, becoming a key player in the Southeast insurance market.

The FBBINSURANCE team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.

Trustmark President and CEO Duane A. Dewey

Dewey praised the team’s dedication and looked forward to continuing collaboration with MMA in a new capacity.