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 Bostonians 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.
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