NU Online News Service, Dec. 22, 11:25 a.m. EST
Marsh & McLennan Agency LLC, announced its second acquisition of this year saying it has acquired The NIA Group, LLC. Financial terms of the deal were not released.
Established in 1926, The NIA Group has an annual revenue of $62 million and has offices in New Jersey, New York, Connecticut, and Florida. Headquartered in Paramus, N.J., the NIA Group has approximately 400 employees and provides property and casualty insurance, employee benefits, personal insurance, life insurance and estate planning. The deal also includes the acquisition of NIA's New York City office Kornreich-NIA
David Eslick, chairman and chief executive officer of Marsh & McLennan Agency, said in welcoming NIA Group to the firm that, "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.
"They have a well-earned and longstanding reputation for professionalism and service excellence, which we view as essential elements for the national organization we are building at Marsh & McLennan Agency," he added.
Paul Gross, chairman of The NIA Group, said, "We are pleased to be joining with David and the leadership of Marsh & McLennan Agency and look forward to working as part of the team to create one of the preeminent national organizations in our industry."
Last month, Marsh & McLennan Agency acquired Insurance Alliance, a major independent insurance agency in the Southwest.
Marsh & McLennan Agency said the transaction is part of a series of strategic acquisitions to build a national business to serve the needs of mid-sized companies across the country. The firm is a subsidiary of Marsh & McLennan Companies, which also owns insurance broker Marsh and reinsurance broker Guy Carpenter.
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