New York based Marsh & McLennan Agency (MMA) has purchased Howalt+McDowell Insurance, an independent agency in South Dakota, in an undisclosed deal.
As per terms of the agreement, Howalt+McDowell's CEO Jeff Scherschligt and his staff will join MMA's upper Midwest centre and continue to trade from the firm's existing Sioux Falls, South Dakota office.
MMA chairman and CEO David Eslick said, "With Howalt+McDowell, we are adding high-quality, local talent and expertise in the upper Midwest to complement and expand the resources available to our clients."
According to the acquirer, the latest deal is the 23rd acquisition since it began to build its national platform in November 2009.
Established in 1946, Howalt+McDowell has annual revenue of nearly $16m and offers a number of property/casualty, surety, personal protection, and employee benefits insurance to individuals and midsize businesses in the upper Midwest.
Founded in 2008, MMA trades autonomously from Marsh Inc. to offer commercial property, casualty, personal lines, and employee benefits in the US.
Marsh provides insurance broking and risk management services in more than 100 geographies.