Marsh McLennan Agency (MMA) has reached an agreement to acquire Accel Holdings, Inc., the parent company of The Accel Group, a diversified independent insurance and advisory firm headquartered in Waverly, Iowa.
The transaction is expected to close in the third quarter, subject to customary conditions. Financial terms were not disclosed.
Founded in 1936, The Accel Group expanded through a 2018 merger with Millhiser Smith Agency, whose history dates to 1928. Today, the firm provides commercial and personal insurance, employee benefits, agribusiness solutions, wealth management and retirement advisory services.
Accel operates seven offices across Iowa, Illinois, Missouri and Kansas and employs more than 130 people. All employees are expected to join MMA and continue working from their existing locations following the transaction.
MMA CEO David Eslick said Accel’s local relationships, client service and approach to risk management make the firm a strong addition to MMA. Combining those strengths with MMA’s broader resources is expected to create additional opportunities to serve businesses, families and agricultural organizations.
The acquisition will also expand MMA’s geographic footprint while adding capabilities in key specialty areas.
Ryan Watkins, CEO of MMA’s Upper Midwest region, said Accel will strengthen the company’s presence across the region while enhancing its retirement, wealth management and agribusiness offerings.
Corey Rekers, president of Property & Casualty Insurance at The Accel Group, said joining MMA will provide access to a national platform, global resources and additional specialized capabilities while building on the foundation Accel has developed over nearly a century.
The transaction represents another expansion for MMA as it continues growing its insurance and advisory operations through acquisitions of established independent firms across the United States.
Information for this article was provided by Marsh McLennan Agency. Views and claims expressed in this article are those of the source company and do not necessarily reflect the views of AgencyEquity.com. This article may have been edited with the help of AI.
