Adding to insurance consolidation, Marsh & McLennan Agency LLC has acquired the Benefit Planning Group Inc.
Benefit Planning, headquartered in Durham, North Carolina, provides employee benefits and consulting services. Terms of the deal were not disclosed.
Marsh & McLennan is a subsidiary of Marsh that focuses on midsize businesses. The buyer provides commercial property, casualty, personal lines and employee benefits insurance. Marsh's recent acquisitions include Panama-based insurer Semusa, and Franco & Acra Tecniseguros, a Dominican Republic-based insurance agency.
The insurance sector has been consolidating for years. Recent deals include GTCR-backed AssuredPartners' purchase of Sheehan Insurance Group, in December, and National Financial Partners Corp.'s acquisition of EBS/Foran Insurance and Advisory Services Inc., also in December.
For more on the financial services sector, see Financial Services Sector Will Continue to Consolidate.