Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has acquired Ironwood Insurance Services.
The financial terms of the acquisition were not disclosed.
Headquartered in Atlanta, Georgia, Ironwood was established in 2007 and operates as an independent broker in the Southeast.
The acquired company offers commercial property/casualty insurance, employee benefits and private client solutions to individuals and midsize businesses in the US.
Ironwood also provides pre-close due diligence, transactional solutions and risk management services to private equity funds and their portfolio companies.
The company has 85 employees, who will continue to operate from Ironwood’s existing offices at Atlanta and Charlotte.
Ironwood founder and CEO Will Underwood will retain his present position. Underwood will also assume the additional role of Private Equity Center of Excellence Leader for MMA.
Company partners Matt Lovein and Matt Hene will serve as co-presidents of Ironwood.
MMA Southeast president Peter Krause said: “Ironwood’s vision for growth, dynamic culture, and commitment to client service make them a terrific fit for MMA’s growing national footprint. Will and his team have built a premier brokerage firm.”
Underwood stated: “We are thrilled to join MMA and to continue our commitment to client service, employee development, and community involvement.
“Our culture and track record of offering industry-leading solutions and services will thrive in an organisation like MMA.”