Marsh McLennan Agency, a subsidiary of insurance broker Marsh Inc., acquired the employee benefits division of a Marlborough, Mass.-based agency, adding about $600,000 in annual revenue to its middle-market operations.
The New York-based national insurance broker bought the employee benefits operations of Kaeding, Ernst Co., an employee benefits, life insurance, and financial-planning consulting firm.
Financial terms of the transaction were not disclosed.
The division will become a part of Bostonian Group, a Marsh McLennan Agency company, further expanding Bostonian’s depth and expertise in employee benefits, officials said.
The transaction is the second complementary acquisition for Bostonian/MMA following the February acquisition of the Boston office of Kinloch Consulting Group, the employee benefits division of Kinloch Holdings.
“Kaeding, Ernst has built a strong reputation of delivering trustworthy advice and innovative solutions to its employee benefit clients. We are delighted to welcome Tricia Mackoff and Linda DeJordy, two seasoned employee benefit professionals, to our expanding employee benefits team at Bostonian,” said Jim Blue, CEO of Bostonian/MMA, in a statement.