Marsh acquires one of Florida’s largest independent agencies
Marsh & McLennan Agency (MMA), the middle market agency subsidiary of Marsh, has acquired Celedinas Insurance Group, one of Florida’s biggest independent agencies.
Terms of the transaction were not disclosed.
Established in 1959 and headquartered in Palm Beach Gardens, Florida, Celedinas generates approximately $22 million in annual revenue and specialises in providing property/casualty insurance, marine insurance, and employee benefits services to businesses and individuals, with particular expertise in working with high-net worth individuals and families.
All of Celedinas’ 120 employees and leadership, including Ray Celedinas, its president and chief executive officer (CEO), are joining MMA and will continue to operate out of their existing five offices throughout Florida under the name Celedinas Insurance Group, a Marsh & McLennan Agency company, and under Celedinas’ leadership. In connection with this acquisition, Celedinas has also been named national private client practice leader for MMA.
“Celedinas is a top-notch, full service insurance brokerage firm that is widely recognised as a leader in the high-net worth personal lines industry,” said David Eslick, chairman and CEO of MMA.
“I’m thrilled that we are joining forces and look forward to Ray and his team helping to drive forward MMA’s private client strategy nationally.”
Celedinas added: “Joining MMA is an excellent opportunity for Celedinas to build upon its success over the last five decades. With the resources that MMA and Marsh bring to bear, our clients now have access to a wider range of expertise, services, and solutions to address their needs.”
Peter Zaffino, president and CEO, Marsh, said: “MMA’s addition of Celedinas enhances our capabilities in high-net worth personal lines and will allow us to accelerate revenue growth in this important segment. Ray Celedinas is a highly respected leader, and we are very pleased to welcome an accomplished executive of his caliber and experience to MMA’s leadership team.”
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