Marsh McLennan Company has agreed to accumulate Fisher Brown Bottrell Insurance coverage (FBBINSURANCE) from Trustmark Nationwide Financial institution in an all-cash deal valued at $315.9m.
The acquisition is geared toward strengthening Marsh McLennan’s foothold within the south-east insurance coverage market.
FBBINSURANCE, a supplier of economic P&C insurance coverage, surety and worker advantages companies, has been serving companies and people since 1936.
Based mostly in Jackson, Mississippi, the corporate is among the largest bank-affiliated insurance coverage companies within the US and a key participant within the south-east area.
Publish-acquisition, the FBBINSURANCE staff, together with CEO Scott Woods, will transfer to Marsh McLennan Company.
They’ll proceed working from their present places throughout Mississippi, Alabama and Florida.
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Marsh McLennan Company president & CEO south-east area Peter Krause stated: “FBBINSURANCE’s robust regional presence, client-focused strategy and terrific management had been very enticing as we seemed for a high-quality company to increase our presence within the south-east.
“I sit up for working with Scott and all the FBBINSURANCE staff in delivering best-in-class options that tackle the rising danger administration and profit wants of companies and people within the area.”
Woods added: “We take nice satisfaction within the integrity, service and options we offer purchasers each day. In becoming a member of Marsh McLennan Company, we’ll proceed delivering one of the best danger administration methods for purchasers’ distinctive exposures, with enhanced entry to world assets and a exceptional staff of colleagues with which to collaborate.”
The deal at present awaits regulatory approval and is because of be finalised within the second quarter of 2024.
Marsh McLennan Company is a subsidiary of insurance coverage broking and danger advisory companies supplier Marsh.
It offers a big selection of insurance coverage options together with enterprise insurance coverage, worker well being and advantages, retirement and wealth administration, and personal consumer companies.
This transfer comes on the heels of Marsh’s institution of Edgware Re, a cyber-only captive, and the launch of an insurance coverage facility designed for digital asset custodians together with monetary establishments.
