Marsh & McLennan Agency Acquires PayneWest Insurance
April 02 2021 - 9:00AM
Business Wire
Montana-Based Firm to Lead New Northwest
Region
Marsh & McLennan Agency LLC (MMA), the middle market agency
subsidiary of Marsh, today announced the acquisition of Missoula,
Montana-based PayneWest Insurance, one of the largest independent
agencies in the US. Terms of the acquisition were not
disclosed.
Founded in 1992, PayneWest provides business insurance, surety,
employee benefits, and personal insurance services to companies and
individuals across the Northwest through offices across Idaho,
Montana, Oregon, and Washington.
PayneWest will operate as MMA’s Northwest regional hub under the
leadership of Kyle Lingscheit, CEO of PayneWest. Mr. Lingscheit
will report to David Eslick, Chairman and CEO of MMA. All of
PayneWest’s more than 700 employees will join MMA and continue to
work from its 26 locations across the region.
Commenting on the acquisition, John Doyle, President and CEO of
Marsh, 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.”
Mr. Eslick said: “Across both the Northwest and the insurance
industry, PayneWest is recognized for the quality of their
colleagues, their client service, and their commitment to giving
back to the community. Attracting high-performing agencies like
PayneWest amplifies our reach across the US and will continue to
enhance the quality of our client offerings. We are excited to
welcome the PayneWest team to MMA.”
Mr. Lingscheit added: “As a growing company, we have been
successful by always putting our clients, colleagues, and
communities first. 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. PayneWest's teams will greatly contribute to the
ongoing evolution of this dynamic organization.”
PayneWest, Chairman and founder, Terry Payne shared: “We are
excited to be joining MMA, an organization with people that share
our same values. They are high performing, culturally oriented, and
community driven.”
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC is a subsidiary of Marsh
established in 2008 to serve as a platform for the middle market.
MMA offers commercial property, casualty, personal lines, and
employee benefits to midsize businesses and individuals across
North America.
About Marsh
Marsh is the world’s leading insurance broker and risk advisor.
With over 35,000 colleagues operating in more than 130 countries,
Marsh serves commercial and individual clients with data driven
risk solutions and advisory services. Marsh is a business of Marsh
McLennan (NYSE: MMC), the leading global professional services firm
in the areas of risk, strategy and people. With annual revenue
approaching US$17 billion and 76,000 colleagues worldwide, MMC
helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses: Marsh, Guy
Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter
@MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to
BRINK.
About PayneWest
PayneWest Insurance is the Northwest’s premier insurance agency
providing business and personal insurance, employee benefits and
surety. Driven by a commitment to serve its clients, colleagues and
communities, PayneWest employs more than 700 insurance
professionals including teams that specialize in highly-complex
market niches such as agriculture, construction, transportation,
healthcare, hospitality, banking, medical malpractice and resource
development. PayneWest was recently recognized as a 2020 Best
Places to Work in Insurance by Business Insurance and Best
Companies Group.
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version on businesswire.com: https://www.businesswire.com/news/home/20210402005011/en/
Erin Quigley Marsh & McLennan Agency 805 680 9460
Erin.Quigley@MarshMMA.com
Steven Handmaker Marsh & McLennan Agency 847 463 7176
Steven.Handmaker@MarshMMA.com
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