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Deals & People May 3, 2010
Marsh Acquires Bostonian Group
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced it has acquired The Bostonian Group Insurance Agency, Inc., and Bostonian Solutions, Inc.
Reported by Rebecca Moore
The acquisition makes Marsh & McLennan Agency the country’s 12th largest insurance agency with annual revenue of approximately $185 million, according to an announcement. Terms of the transaction are not disclosed.
Jim Blue, CEO of Bostonian Group, and Phil Litos, president, Bostonian Group, will join MMA and will retain leadership roles in the firm’s Boston operation. Blue will report to David L. Eslick, chairman and CEO of Marsh & McLennan Agency. All of Bostonian Group’s employees will remain with the firm and join MMA.
Established in 1973, Bostonian Group expanded over the years beyond its initial focus on middle-market employee benefits to become a full-service insurance brokerage with dedicated capabilities in employee and executive benefits, HR services, and retirement services. The firm has 60 employees and approximately $14 million in annual revenue. It will continue to operate under the Bostonian Group name for the foreseeable future.
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