J.W. Terrill acquired by global insurance broker Marsh

July 01--J.W. Terrill, an insurance brokerage firm headquartered in the St. Louis area since 1972, has been sold for an undisclosed amount to New York-based Marsh & McLennan Agency.

David Burjoski, communications director for J.W. Terrill, confirmed the sale Wednesday but declined to disclose financial terms of the deal. The Chesterfield-based firm employs 195 people and is led by President and CEO Andy Thome.

"This is the right move at the right time for J.W. Terrill," Burjoski said. "Our goal was to retain our operating model and culture."

The leadership team will remain in place, and there will be no personnel changes or jobs lost, Burjoski said, adding that the transition would be "seamless" for clients and that there would be no change to coverage plans.

Joining MMA is all about "providing an expanded toolbox of resources for our clients," Thome said.

"With its strong leadership, commitment to client service, and blend of risk management and employee benefits service offerings, J.W. Terrill is a perfect fit to join MMA," David Eslick, Marsh & McLennan Agency chairman and CEO, said in a written statement.

Eslick said his team waited to jump into the Missouri market until identifying the "highest quality partner."

"They've developed a capability to grow very nicely and win in the marketplace," Eslick said.

J.W. Terrill is an employee benefits consultant for mostly mid-market clients across the country, providing insurance and risk management. The company says it takes in about $31.8 million in revenue.

Marsh & McLennan Agency was founded in 2008 and is a subsidiary of the professional services firm Marsh & McLennan Companies, which operates in more than 130 countries and had revenue of $13 billion last year.

"As we enter the next chapter in J.W. Terrill's 43-year history, we are excited to join forces with MMA and provide our clients with an array of expanded services and our colleagues with additional opportunities," Thome said in a statement.

Other insurance brokers say consolidation is a major trend in the industry right now, especially in health insurance.

"The major factors accelerating broker consolidation in the health-insurance space are decreasing commission and a market demand for more sophisticated tools, technology and focused expertise," said J.J. Flotken, a partner at the brokerage firm Caravus.

Consolidation among brokers comes as some of the nation's largest health insurers are looking to combine. Anthem is aggressively pursuing a bid for Cigna; Aetna and Humana reportedly are nearing a deal.

Jordan Shapiro -- 314-340-8114

@jordanshapiro13 on Twitter

[email protected]

___

(c)2015 the St. Louis Post-Dispatch

Visit the St. Louis Post-Dispatch at www.stltoday.com

Distributed by Tribune Content Agency, LLC.