Marsh McLennan (MMC) announced plans to acquire McGriff Insurance Services for $7.75 bn. This move aims to expand MMC’s U.S. commercial and personal lines broking operations.
The acquisition will be carried out through MMC’s Marsh McLennan Agency. Under the terms, MMC will pay $7.75 bn in cash, funded by a mix of cash and debt financing.
MMC will also assume a deferred tax asset valued at approximately $500 mn. The deal is expected to close by the end of the year, pending regulatory approval and other standard conditions.
Once finalized, McGriff’s 3,500 employees, including CEO Read Davis, will join Marsh McLennan Agency and continue to work from their current offices. More information will be shared when MMC releases its Q3 results on October 17, according to an MMC spokesperson.
McGriff, which provides insurance broking and risk management services in the U.S., generated $1.3 bn in revenue over the trailing 12 months ending June 30, 2024.
The acquisition is expected to strengthen Marsh McLennan Agency’s offerings in commercial property/casualty, employee benefits, management liability, and personal lines insurance.
John Doyle, MMC’s president and CEO, praised McGriff for its leadership, talent, and growth, emphasizing how the company complements Marsh McLennan Agency’s existing capabilities and culture.
David Eslick, CEO of Marsh McLennan Agency, added that McGriff’s legacy and reputation align well with MMC’s values and would be a significant addition to the business they’ve built over 15 years.
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