Marsh McLennan Agency (MMA), a business of Marsh providing insurance, employee health and benefits, retirement and wealth, and private client insurance solutions across the US and Canada, has agreed to acquire Iowa-based independent insurance and advisory firm Accel Holdings.
The deal is expected to close in the third quarter, with financial terms not disclosed. Once completed, all of Accel’s more than 130 employees are expected to join MMA while remaining in their existing offices.
Accel operates seven offices across Iowa, Illinois, Missouri and Kansas, providing commercial and personal insurance, employee benefits, agribusiness solutions, wealth management and retirement advisory services. The firm traces its roots back to 1936 and expanded its footprint through a 2018 merger with Millhiser Smith Agency, which was established in 1928.
The acquisition will expand MMA’s geographic presence in Iowa and strengthen its position across neighbouring states, while adding Accel’s agribusiness expertise and retirement and wealth capabilities to its existing offering.
Marsh McLennan Agency operates under Marsh, which provides services across risk, reinsurance and capital, people and investments, and management consulting in more than 130 countries. Marsh reports annual revenue of $27bn and employs more than 95,000 people worldwide.
Marsh McLennan Agency CEO David Eslick said, “The Accel Group is one of the industry’s leading firms due to its hands-on service, deep local ties, and proactive approach to managing risk. Combined with MMA’s broader capabilities, we can deliver even more value to the businesses, families, and agricultural organizations that count on Accel and need integrated solutions to grow with confidence.”
MMA’s Upper Midwest region CEO Ryan Watkins also commented, “The Accel Group has a strong reputation because of its talented team and client-first culture. It is an excellent fit for our business and the clients we serve. In addition to expanding our geographic footprint in Iowa and strengthening our presence in neighboring states, Accel’s retirement and wealth capabilities and extensive agribusiness knowledge will enhance our current offerings and the value we provide to our clients.”
The Accel Group president of Property & Casualty Insurance Corey Rekers added, “MMA’s national platform, global resources, and specialized capabilities build upon the strong foundation Accel has established for nearly 100 years. We’re excited about the future, the opportunity to expand our vision, and the ability to elevate how we serve our clients.”
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