Marsh McLennan Agency buys trucking insurer Southwest Truck Insurance Agency
Marsh McLennan Agency (MMA), the middle-market agency unit of Marsh McLennan, has acquired Texas-based Southwest Truck Insurance Agency, a provider of specialized transportation insurance.
Terms of the deal were not disclosed.
Southwest Truck Insurance, founded in 1986, specializes in business insurance solutions for the trucking industry, with expertise in domestic and cross-border trucking operations, serving clients in the US and Mexico.
Following the acquisition, all of Southwest Truck Insurance’s team, which is led by president John Phillips, will join MMA.
Commenting on the deal, Tim Fleming, regional CEO at MMA, said: “Transportation and trucking organizations are part of a complex industry that requires an experienced broker to navigate their insurance needs. John and the team at Southwest Truck Insurance have built a strong reputation recognized for their service and expertise.
"The Southwest Truck Insurance team strengthens our ability to serve clients in this growing industry and we are thrilled to welcome them to MMA,” he continued.
Phillips added: Over the years, we have come to know and respect the Marsh McLennan Agency brand, capabilities, and team. Today, we are excited to unite our expertise with their resources to collectively expand our reach in the trucking industry. By joining MMA, I look forward to delivering even more solutions and services to our clients and introducing new growth opportunities for our colleagues.”
In September, MMA expanded its Midwest footprint through the acquisition of Vaaler Insurance, a third-generation family-owned business and one of the largest independent agencies in North Dakota.
Earlier in April, Marsh’s retail agency business acquired Montana-based PayneWest Insurance in a deal that expanded the broking giant’s presence in the northwestern US.