New York, December 22, 2010 — Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired Trion Group Inc., the largest privately held employee benefits specialist in the United States with $74 million in annual revenues. Terms of the deal were not disclosed.
Established in 1999, Trion is the 30th largest insurance consultant and broker in the United States. Based outside Philadelphia in Conshohocken, Pennsylvania, Trion offers a diversified mix of consulting, brokerage, group disability and life, absence management, voluntary benefits, and benefit administration services to a wide range of clients across the country.
Trion is the sixth acquisition MMA has made since embarking on its strategy in November 2009 to build a national platform serving the property and casualty insurance and employee benefits needs of companies across the United States. Over the last 13 months, MMA has acquired Insurance Alliance, The NIA Group, Haake Companies, Thomas Rutherfoord, Inc., and Bostonian Group. With the addition of Trion, MMA has grown to become the nation’s 12th largest insurance agency with annual revenue of approximately $260 million.
Trion's four principals, Ed Garno, Jr., Ed Garno III, Dave Oberkircher, and Chris Veno will continue to lead Trion as part of MMA. All of Trion's employees are expected to join MMA.
"We are delighted to welcome the leadership team and the employees of Trion to Marsh & McLennan Agency," said David Eslick, MMA’s chairman and CEO. "Over the last 11 years, senior management has built Trion into a highly regarded, premier employee benefits firm with one of the highest organic growth rates in the industry. Trion is an excellent fit for our growing national business and will serve as a key hub for MMA going forward."
"Trion constantly evaluates changing business conditions and marketplace dynamics to best position its resources, technology, and professional staff to meet the needs of its clients," said Ed Garno III.
"By joining Marsh & McLennan Agency, we are ensuring Trion's continued leadership in the employee benefits industry, while gaining access to a broader array of capabilities and resources to meet client needs and create continued opportunity for all members of Trion to build upon our strong foundation," Mr. Oberkircher added.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was established in 2008. It operates independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
Marsh, the world's leading insurance broker and risk adviser, has over 24,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a member of Marsh & McLennan Companies, a global professional services firm with over 50,000 employees worldwide and annual revenue of $10 billion, which is also the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. Its stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges.