Marsh McLennan Agency (MMA) is expanding its insurance footprint across the US Midwest after agreeing to acquire Accel Holdings, an independent insurance and advisory firm based in Waverly, Iowa.
The transaction will add more than 130 Accel employees to MMA once the deal closes, which is expected in the third quarter. Financial terms have not been disclosed, and Accel’s employees are expected to remain in their existing offices following completion.
Accel operates seven offices across Iowa, Illinois, Missouri and Kansas, providing commercial and personal insurance, employee benefits, agribusiness solutions, wealth management and retirement advisory services.
The firm traces its roots to 1936 and expanded its footprint through a 2018 merger with Millhiser Smith Agency, which was established in 1928. Its combination of insurance, benefits and advisory services will add further capabilities to MMA’s existing offering across the Midwest.
For MMA, the acquisition will expand its geographic presence in Iowa and strengthen its position in neighbouring states. Accel’s agribusiness expertise, alongside its retirement and wealth capabilities, will also broaden the services MMA can offer its clients.
Marsh McLennan Agency operates as a business of Marsh (NYSE: MRSH), providing business insurance, employee health and benefits, retirement and wealth, and private client insurance solutions across the US and Canada. Marsh operates across more than 130 countries and reports annual revenue of $27bn, with more than 95,000 employees worldwide.
Marsh McLennan Agency CEO David Eslick said, “The Accel Group is one of the industry’s leading firms due to its hands-on service, deep local ties, and proactive approach to managing risk. Combined with MMA’s broader capabilities, we can deliver even more value to the businesses, families, and agricultural organizations that count on Accel and need integrated solutions to grow with confidence.”
MMA’s Upper Midwest region CEO Ryan Watkins said, “The Accel Group has a strong reputation because of its talented team and client-first culture. It is an excellent fit for our business and the clients we serve. In addition to expanding our geographic footprint in Iowa and strengthening our presence in neighboring states, Accel’s retirement and wealth capabilities and extensive agribusiness knowledge will enhance our current offerings and the value we provide to our clients.”
The acquisition will bring Accel’s existing client relationships and specialist capabilities into MMA’s wider insurance platform, while allowing the firm’s employees to continue operating from their current locations.
The Accel Group president of Property & Casualty Insurance Corey Rekers said, “MMA’s national platform, global resources, and specialized capabilities build upon the strong foundation Accel has established for nearly 100 years. We’re excited about the future, the opportunity to expand our vision, and the ability to elevate how we serve our clients.”
The deal is expected to close in the third quarter, subject to completion of the transaction process. Financial terms have not been disclosed.
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