A subsidiary of the Marsh insurance brokerage is buying one of the largest regional insurance brokerages in New England, an acquisition that will make Marsh & McLennan Agency the country’s 12th largest insurance agency.
In a move it says “dramatically accelerates its national growth,” Marsh & McClennan Agency has acquired Roanoke, Va.-based Thomas Rutherfoord Inc., one of the nation’s largest independently owned firms.
Following the acquisition of one of the Southwest’s largest independent agencies, Marsh & McLennan is expanding its national presence with one of the Northeast’s biggest firms.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.