Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has acquired The Bostonian Group Insurance Agency and Bostonian Solutions, collectively 'Bostonian Group', a regional insurance brokerage in New England.
According to Marsh, Bostonian Group is a full-service provider of insurance brokerages with capabilities in employee and executive benefits, HR services, and retirement services. The firm has 60 employees and approximately $14m in annual revenue.
In conjunction with the acquisition, MMA said that Jim Blue, CEO of Bostonian Group, and Phil Litos, president of Bostonian Group, will join MMA and will retain leadership roles in the firm’s Boston operation. Mr Blue will report to David Eslick, chairman and CEO of Marsh & McLennan Agency. All of Bostonian Group’s employees will remain with the firm and join MMA.
Mr David said: “We’re very excited about having Bostonian Group as part of Marsh & McLennan Agency. Under Jim Blue, Bostonian Group has built an outstanding organization with a top-flight reputation and a growth rate that has significantly outpaced the industry.”
In addition, the Boston-based insurance broker will continue to operate under the Bostonian Group name for the foreseeable future.