Marsh & McLennan Companies, Inc.MMC recently announced that Marsh & McLennan Agency LLC ("MMA") has entered into an agreement to buy Bouchard Insurance later this month. Terms of the transaction are not disclosed. MMA is a middle market agency subsidiary of Marsh, a subsidiary of the parent company.
Founded in 1948, Bouchard Insurance has offices across Clearwater, Fort Myers, Kissimmee, Maitland, Sarasota and Tampa with 260 employees. It caters to property/casualty, employee health & benefits and personal lines insurance needs of midsize businesses. It specializes in agribusiness, community associations, construction, education, healthcare, hospitality, staffing and social services industries.
Post closure, Bouchard will continue to operate from current office locations as Bouchard Insurance, a Marsh & McLennan Agency LLC company.
MMA is likely to be highly benefited by this acquisition as the transaction would help it expand its presence in Florida. Notably, Bouchard would be able to enrich customer experience and employee relations by joining the MMA team.
This is yet another strategic initiative of Marsh & McLennan to boost its portfolio and establish its presence in the United States. A number of acquisitions made over the past many years, significant capital expenditures undertaken for growth, launch of products and services, enhancement of digital capabilities and branching out into new businesses will further drive the company's growth.
Of late, the company completed significant buyouts such as Pavilion Financial Corporation, Summit Strategies Group, Otis-Magie Insurance Agency, Klein Agency and Insurance Associates, Houston-based Wortham Insurance plus Eustis Insurance & Benefits.
All these transactions further poise the company well for long-term growth.
Shares of this Zacks Rank #4 (Sell) company have inched up 0.2% in a year's time against its industry 's decline of 5.6%.
Acquisition Spree in Insurance Space
Given the insurance industry's all-time high available capital, there has been a spate of acquisitions in the space of late. Recently, Hull & Company, LLC, a subsidiary of Brown & Brown, Inc. BRO bought Izzo Insurance Services. The acquisition will boost the acquirer's workers compensation insurance solutions portfolio. Arthur J. Gallagher & Co. AJG has acquired Interstate Insurance Underwriters to drive Risk Placement Services in northern Louisiana. Horace Mann Educators Corporation HMN purchased Benefit Consultants Group to ramp up its strategic capabilities in the retirement market.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 - 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.