American insurance brokerage firm Marsh & McLennan Agency (MMA) has purchased Klein Agency, a Minnesota-based surety and property/casualty agency, for an undisclosed sum.
The acquired business specialises in the construction industry and helps its clients met surety bonding, as well as personal and business insurance requirements.
Under the terms of the agreement, all employees and management team of Klein will be absorbed by MMA.
Commenting on the deal, Marsh & McLennan Agency CEO of upper Midwest region Tim Fleming said: “With Klein Agency’s people, resources, and expertise now part of MMA, our region will expand its ability to deliver world class surety services to our construction clients in Minnesota as well as the upper Midwest.”
Klein Agency vice president Steve Klein stated: “We’re eager to begin working collaboratively with our new colleagues at MMA. Together, we will deliver an enhanced suite of services to our clients.”
Recently, MMA also acquired Insurance Associates, a Rockville, Maryland-based independent insurance agency specialising in the construction industry.
Insurance Associates, established in 1956, offers commercial property/casualty insurance, employee health and benefits solutions and surety to clients across the Mid-Atlantic.
MMA operates as a middle market agency subsidiary of Marsh which serves its individual and commercial clients in more than 130 countries.