The transaction is expected to close by the end of 2024 and will enhance Marsh McLennan Agency’s operations across commercial property & casualty insurance, employee benefits, management liability and personal lines.
The transaction is expected to close by the end of the year pending regulatory approvals.
The first half of 2024 saw 300 announced insurance agency mergers and acquisitions, the lowest first-half total in four years, according to OPTIS Partners.
There were 155 announced insurance agency mergers & acquisitions in the first quarter of 2024, down 18% from the same period in 2023.
Despite the decline in the number of merger & acquisition transactions in 2023, there was a consistent volume of transactions throughout the year.
The acquisition will enhance Aon’s presence in the large and fast-growing middle-market segment and add new capabilities to its arsenal.
Insurance agency mergers & acquisitions saw the largest decline through the third quarter ever reported, with 534 in the year so far.
Higher interest rates and uncertain economic conditions continue to limit deals, according to OPTIS Partners.
The number of mergers & acquisitions announced was the lowest since 2019 and 7% below the five-year average for deals.
Despite various economic and political challenges, the number of mergers & acquisitions deals in 2022 meant it was the second-most active year in history.