Marsh, a global insurance broker and risk adviser, said it is acquiring Assurance, an Illinois-based full-service brokerage.
The transaction is taking place through Marsh & McLennan Agency LLC, Marsh’s U.S. middle-market agency subsidiary. Neither side is disclosing financial terms.
Marsh noted that Assurance, founded in 1961, is a full-service brokerage providing business insurance, employee benefits, private client insurance and retirement services to businesses and individuals across the country.
Once the acquisition is complete, Assurance will become the Midwest regional headquarters for Marsh & McLennan Agency and be led by Anthony Chimino, CEO of Assurance. Chimino will report to David Eslick, chairman and CEO of MMA. Plans call for Assurance’s 525 colleagues to join MMA and continue to work out of their offices in Schaumburg and Chicago, Ill.