Marsh & McLennan Agency LLC is buying Cambridge Property & Casualty.
Livonia, Mich.-based Cambridge Property provides property, casualty insurance and risk-management services to midsize businesses and high net-worth individuals. Terms of the acquisition were not disclosed.
Marsh & McLennan, a subsidiary of insurance broker Marsh Inc., will expand its property and casualty insurance capabilities in Michigan through the deal. In June, Marsh bought Franco & Acra Tecniseguros, an insurer based in the Dominican Republic. Before that, in May, Marsh announced a deal for Rehder y Asociados Group, a Lima, Peru-based insurer.
The deals come during a period of consolidation for the insurance sector, with deals by Aetna Inc. (NYSE: AET), which said it would buy InterGlobalin November, and the Carlyle Group (Nasdaq: CG), which agreed to buy a majority stake in Edgewood Partners Insurance Center, also in November.