Marsh & McLennan Agency (MMA) has purchased Visicor, a full-service employee benefits brokerage and consulting firm based in Friendswood, Texas, as part of its ongoing expansion strategy.
MMA noted that the buyout of Visicor will strengthen its employee benefits capabilities in Southwest. Financial terms of the transaction have not been disclosed.
Visicor, which generates $1.5m in annual revenue, offers employee benefits compliance, consulting, communication, and administration services to both public and private employers across Texas.
Under the terms of the agreement, all of Visicor’s management team and staff will join MMA’s Southwest region and merge into MMA’s existing Houston office.
Commenting on the acquisition, Marsh & McLennan Agency Southwest region CEO Anthony Gruppo said that the company welcomes Visicor’s talented and experienced employee benefit specialists to MMA.
"The addition enables us to offer greater resources and a broader platform to serve the employee benefit needs of our clients throughout Texas and the Southwest," Gruppo added.
Visicor president Ed Oravetz commented: "Our clients will continue to enjoy the same high-quality service they’ve come to expect from VISICOR while benefiting from a broader array of capabilities and resources through MMA."
Earlier, MMA acquired Kinker-Eveleigh Insurance Agency, a $3.5m revenue agency that offers a broad range of property/casualty services to businesses and individuals throughout Ohio and the US.
Marsh & McLennan Agency was founded in 2008 to fulfill the requirements of midsize businesses in the US.
The company trades autonomously from insurance broker Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the US.
Image: Marsh & McLennan headquarters in the Americas. Photo: courtesy of Americasroof.