Monday, Marsh & McLennan Agency LLC , a subsidiary of insurance broker Marsh Inc., which is a unit of Marsh & McLennan Companies (MMC), announced that it has acquired The NIA Group, LLC, an independent insurance agency in the Northeast and the 34th largest agency in the U.S., and its New York City office Kornreich-NIA. The terms of the transaction were not disclosed.
According to the company, the transaction is part of a series of strategic acquisitions as Marsh & McLennan Agency builds a national business to serve the needs of mid-sized companies across the country.
The company said that the Paramus, New Jersey-headquartered NIA Group, which was established in 1926 has an annual revenue of $62 million and has offices in New Jersey, New York, Connecticut, and Florida. NIA has approximately 400 employees and provides property and casualty insurance, employee benefits, personal insurance and life insurance / estate planning.
According to David Eslick, chairman and chief executive officer of Marsh & McLennan Agency, "The addition of The NIA Group and Kornreich-NIA to our firm gives us a strong operation in the New York metropolitan area and Florida. "
Marsh & McLennan Agency LLC is a subsidiary of insurance broker and risk advisor Marsh Inc. It was established in 2008 to meet the needs of mid-sized businesses in the U.S.
MMC closed Monday's last trade on the New York Stock Exchange at $21.76, up $0.07 or 0.32%. In the after hours the stock traded down $0.01 or 0.03%.
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