Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., has acquired Howalt+McDowell Insurance, an independent agency in South Dakota. Terms of the transaction were not disclosed.
MMA says Howalt+McDowell has annual revenue of about $16 million and offers a range of P&C, surety, personal protection and employee benefits insurance to individuals and midsize businesses in the upper-Midwest. All of the agency’s leadership and employees, including CEO Jeff Scherschligt, will join MMA’s upper-Midwest hub and operate out of the firm’s existing Sioux Falls, S.D., office.
Howalt+McDowell is the 23rd acquisition Marsh & McLennan Agency has completed since it began to build its national platform in November 2009, says the company. MMA currently generates about $395 million in annualized revenue.
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