Global professional services firm Marsh McLennan announced Monday that it has reached an agreement to acquire McGriff Insurance Services, an affiliate of TIH Insurance Holdings, for $7.75 billion. The transaction, guided by Wachtell Lipton and Simpson Thacher, aims to strengthen Marsh McLennan’s insurance division by incorporating McGriff’s expertise across several key insurance lines.
Strategic Acquisition to Expand Insurance Capabilities
Marsh McLennan will pay $7.75 billion in cash, with the purchase funded through a combination of cash reserves and debt financing. The deal is expected to close by the end of 2024, pending regulatory approvals. The acquisition will bolster Marsh McLennan Agency (MMA), particularly in commercial property and casualty, employee benefits, management liability, and personal insurance.
John Doyle, president and CEO of Marsh McLennan, expressed enthusiasm about the acquisition, stating, “McGriff is a business with excellent leadership, outstanding talent, and a record of strong growth. The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”
Marsh McLennan $7.75B McGriff Buy : McGriff’s Strong Industry Presence
Founded in 1886, McGriff is one of the largest insurance brokers in the U.S., specializing in commercial property and casualty insurance, surety, employee benefits, and personal lines for businesses and individuals. The Charlotte, North Carolina-based company generated $1.3 billion in revenue over the 12 months ending June 30, 2024, and has a workforce of over 3,500 employees. McGriff’s CEO Read Davis and his team will join MMA, continuing operations from their current office locations.
