Marsh & McLennan Buys Trustmark-Owned Insurer

Dow Jones04-24

By Ben Glickman

A Marsh & McLennan subsidiary agreed to acquire an insurance business from Trustmark for over $300 million.

Marsh McLennan Agency said Tuesday it had planned to acquire Fisher Brown Bottrell Insurance, a commercial property and casualty insurance provider based in Jackson, Miss.

Marsh McLennan Agency said it would pay $315.9 million in cash to acquire FBBI, subject to customary purchase price adjustments. Trustmark said it would sell the business for $345 million in cash.

Marsh McLennan Agency said that the team FBBI team, including Chief Executive Scott Woods, would join the company and would keep operating out of FBBI's 10 offices.

Both companies said they expect the deal to close in the second quarter.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 23, 2024 16:57 ET (20:57 GMT)

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