Marsh McLennan Agency to acquire Fisher Brown Bottrell Insurance in $345m deal

Marsh McLennan Agency, a subsidiary of Marsh, has entered into a definitive agreement to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank, in a $345 million all-cash deal that values FBBINSURANCE at almost six times its 2023 revenue and 28 times its latest net income.

Established in 1936, FBBINSURANCE provides commercial property & casualty insurance, surety and employee benefits services to organisations and individuals across the Southeast of the United States.

The company is headquartered in Jackson, Mississippi, and is one of the top five largest bank-affiliated insurance agencies in the US, as well as one of the largest agencies in the Southeast.

Upon closing of the acquisition,  the FBBINSURANCE team, including its CEO Scott Woods, will join Marsh McLennan Agency and continue to operate out of their existing 10 offices across Mississippi, Alabama, and Florida.

From what we understand, the transaction is pending regulatory approval and standard closing conditions, and is expected to close during the second quarter of 2024.

Peter Krause, President & CEO of Marsh McLennan Agency’s Southeast region, commented: “FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”

Scott Woods, said: “We take great pride in the integrity, service, and solutions we provide clients on a daily basis. In joining Marsh McLennan Agency, we will continue delivering the best risk management strategies for clients’ unique exposures, with enhanced access to global resources and a remarkable team of colleagues with which to collaborate.

Adding: “Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.”

Duane A. Dewey, President and CEO of Trustmark, added: “Trustmark entered the insurance brokerage business 25 years ago. Since then, the agency has grown from a single office in Jackson to ten offices across Mississippi, Alabama, and Florida to become one of the largest bank-affiliated insurance brokerages in the country, and one of the largest in the Southeast. The FBBINSURANCE team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.”

In addition, Morgan Stanley & Co. LLC and KPMG served as financial advisors and Covington & Burling LLP and Brunini, Grantham, Grower & Hewes PLLC served as legal counsel to Trustmark.

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