Independent agents will face a major new competitor next year after Marsh, one of the world's largest insurance brokerages, launches a new firm to pursue the bread-and-butter business of Main Street producers–small-commercial accounts.
Marsh, the insurance brokerage subsidiary of New York-based Marsh & McLennan Companies, announced it is forming a new unit–Marsh & McLennan Agency LLC–devoted to serving the insurance needs of small and emerging U.S. companies.
The new unit, which will launch in the first quarter of next year, will conduct its business separately from Marsh, the broker said. It will offer customers commercial property-casualty, directors and officers liability, surety, employee benefits and personal lines products through a dedicated sales and service force in retail locations throughout the United States.
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