Marsh & McLennan Agency has acquired Minneapolis-based Blakestad insurance and risk management consultancy for an undisclosed sum. The deal further adds to the firm's presence in the region, with Blakestad continuing to operate with its original team out of its current locations.
Blakestad is an insurance and risk management consultancy agency, is headquartered in Minneapolis, with an office in New York City. The Agency is focused on the with high-net worth individuals and families segment across the global market. The agency was originally established in 1974, taking on the Blakestad brand in 2013 following the transition of the company to current owner and president, Jerod Blakestad – formerly a Senior Vice President at Arthur J. Gallagher & Co.
The acquisition, the details of the deal have not been disclosed, sees Blakestad join the wider Marsh & McLennan Agency* network. The transition will see Blakestad’s employees and leadership retained. The team will continue to operate the business from its current Minneapolis office.
Bill Jeatran, CEO of MMA’s upper Midwest region remarks, “The addition of Blakestad to our firm expands our capabilities in the private client market with an established agency and highly regarded team of professionals.”
MMA has a history of inorganic additions in recent years, including the acquisitions of several mid-market firms, including Aviation Solutions, Corporate Consulting Services, Celedinas Insurance Group, Benefits Advisory Group, J. Smith Lanier & Co and iaCONSULTING.
* MMA is a US-based mid-market risk prevention consultancy and insurance broker. The firm, which is a subsidiary of Marsh, is the 12th largest insurance broker in the US, with revenues of approximately $900 million. The firm is focused on the SME market, offering advice, solutions, and programmes to companies that tend to fall outside the services scope of the “big firms”.