WHITE PLAINS: Marsh McLennan Agency, a business of Marsh (NYSE: MRSH), has reached an agreement to acquire Accel Holdings Inc., a diversified independent insurance and advisory firm based in Waverly, Iowa. The deal is expected to close in the third quarter; terms were not disclosed.
The Accel Group, founded in 1936 and bolstered by its 2018 merger with the Millhiser Smith Agency (established in 1928), operates seven offices across Iowa, Illinois, Missouri and Kansas. The firm provides commercial and personal insurance, employee benefits, agribusiness solutions, and wealth management and retirement advisory services. Its more than 130 employees are expected to join MMA and remain in their current locations.
“The Accel Group is one of the industry’s leading firms due to its hands-on service, deep local ties, and proactive approach to managing risk,” said David Eslick, CEO of MMA. “Combined with MMA’s broader capabilities, we can deliver even more value to the businesses, families, and agricultural organizations that count on Accel.”
Ryan Watkins, CEO of MMA’s Upper Midwest region, said Accel’s culture and expertise made it a strong fit for the company. “In addition to expanding our geographic footprint in Iowa and strengthening our presence in neighboring states, Accel’s retirement and wealth capabilities and extensive agribusiness knowledge will enhance our current offerings,” he said.
Corey Rekers, president of property and casualty insurance at The Accel Group, said the combination would build on the firm’s nearly 100-year legacy. “MMA’s national platform, global resources, and specialized capabilities build upon the strong foundation Accel has established,” he said. “We’re excited about the future, the opportunity to expand our vision, and the ability to elevate how we serve our clients.”
Marsh McLennan Agency is a subsidiary of Marsh, a global professional services firm with approximately 95,000 employees and $27 billion in annual revenue, operating in 130 countries.
