Marsh & McLennan Agency buys independent broker

AP News
Posted: Dec 21, 2009 5:12 PM

Insurance broker Marsh & McLennan Agency LLC said Monday that it acquired The NIA Group LLC, an independent insurance agency based in New Jersey.

Terms of the deal were not disclosed.

Marsh & McLennan said the deal is part of its broader effort to build a national customer base. The agency was established by parent Marsh & McLennan Cos. last year to serve mid-sized businesses.

The NIA Group, based in Paramus, N.J., has an annual revenue of $62 million and offices in New Jersey, New York, Connecticut, and Florida. The company has about 400 employees and provides property and casualty insurance, employee benefits, personal insurance and life insurance and estate planning.

Shares of Marsh & McLennan slipped a penny to $21.75 in after-hours trading, after gaining 7 cents to $21.76 during the regular session.