Marsh & McLennan Agency (MMA), the small business-agency subsidiary of New York-based insurance-services company Marsh & McLennan, has acquired Klein Agency, a St. Paul-based surety and property-casualty insurance agency specializing in the construction industry.
Terms of the transaction were not disclosed.
This is the latest acquisition in Marsh & McLennan's decade-old strategy to build a capability serving small-to-midsize businesses and complement its insurance-brokerage and risk-management operations.
Klein Agency is a family-owned-and-managed agency that has focused for 50-plus years on construction companies with surety bonding, as well as personal and business insurance. Klein's employees and leadership will join MMA.
"With Klein Agency's people, resources, and expertise now part of MMA, our region will expand its ability to deliver world class surety services to our construction clients in Minnesota as well as the upper Midwest," said Tim Fleming, CEO of MMA's Upper Midwest region.
Several years ago, Marsh acquired RJF Agencies of Brooklyn Park of which Fleming was an owner.
MMA has acquired more than fifteen Midwest agencies since 2010 and boasts consolidated annual revenue of more than $1 billion.
Marsh & McLennan subsidiary buys Klein Agency of St. Paul
Marsh has been consolidating independent agencies in building an agency business that serves middle-market commercial customers.
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