Marsh & McLennan Agency (MMA) has acquired Missoula, Montana-based insurance agency PayneWest Insurance, which offers business and personal insurance, employee benefits and surety.
Financial terms of the transaction were not revealed.
PayneWest will now serve as the Northwest regional hub of MMA, which is the middle market agency subsidiary of insurance broker Marsh.
It will be headed by PayneWest CEO Kyle Lingscheit, who will report to MMA chairman and CEO David Eslick.
PayneWest, set up in 1992, has offices in Idaho, Montana, Oregon, and Washington. The company caters to both companies and individuals.
Lingscheit stated: “Being part of MMA means our clients will have access to more resources and innovative solutions, and our colleagues will see continued opportunities for growth and personal development.”
MMA will absorb PayneWest’s workforce of over 700 as part of the deal. These employees will continue to operate out of its 26 locations across the region.
Marsh president and CEO John Doyle said: “PayneWest represents another key milestone for MMA, further enhancing our geographic footprint and ability to serve midsize businesses and individuals across the US.
“By attracting high quality firms like PayneWest, MMA over the last 10 years has grown to become the broker-of-choice in this important segment of the US market.”
Founded in 2008, MMA provides commercial property, casualty, personal lines, along with employee benefits services. The business serves midsize businesses as well as individuals across North America.
In 2020, the business carried out several acquisitions, which includes the purchase of Illinois-based Assurance Holdings in April. Assurance will operate as the Midwest regional headquarters for MMA.
Last January, MMA acquired Momentous Insurance Brokerage, an independent insurance agency based in California. MMA also snapped up Ironwood Insurance Services in the same month.