The acquisition of Ironwood Insurance Services is expected to give significant private equity expertise to the Marsh subsidiary
Marsh & McLennan Agency (MMA) has acquired Ironwood Insurance Services, an independent broker based in Atlanta, Georgia, for an undisclosed price.
Established in 2007, Ironwood Insurance Services caters to midsize businesses and individuals across the US with commercial property/casualty insurance, private client solutions, and employee benefits.
According to Marsh & McLennan Agency, the Atlanta-based insurance broker is known for serving private equity funds and their portfolio companies with its pre-close due diligence, transactional solutions, and risk management services.
The insurance agency is also said to have expertise in providing services to the real estate, energy, construction, professional services, manufacturing, and health care sectors.
The company’s 85 colleagues will continue to be based in its existing offices in Atlanta and Charlotte, North Carolina.
Its founder and CEO Will Underwood will continue in its present designation, while taking up the additional role of ‘private equity center of excellence leader’ in the US for Marsh & McLennan Agency.
Ironwood Insurance Services CEO comments on joining Marsh & McLennan Agency
Will Underwood said: “We are thrilled to join MMA and to continue our commitment to client service, employee development, and community involvement. Our culture and track record of offering industry-leading solutions and services will thrive in an organization like MMA.”
Ironwood Insurance Services’ partners Matt Lovein and Matt Hene will become the company’s co-presidents.
Marsh & McLennan Agency CEO David Eslick said: “The private equity, merger and acquisition space is a dynamic, fast growing market in our industry. We are proud to welcome Ironwood to MMA and expand our capabilities and resources under Will, Matt, and Matt’s leadership.”
Established in 2008, Marsh & McLennan Agency serves individuals and midsize businesses in North America with commercial property, casualty, personal lines, and also employee benefits.
The company is the middle-market subsidiary of Marsh, a global insurance broker and risk adviser. In April 2019, Marsh & McLennan Agency acquired Centurion, a retirement consulting firm based in Pennsylvania.
The Marsh subsidiary also acquired Arizona-based insurance broker Lovitt & Touché in 2019.