New York firm to acquire Assurance Holdings and make Illinois its Midwest regional headquarters

A subsidiary of Marsh, a New York-based insurance broker and risk adviser firm, on Wednesday announced the acquisition of Assurance Holdings for an undisclosed amount.

The Schaumburg-based company will become the new Midwest regional headquarters for middle-market agency subsidiary Marsh & McLennan Agency .

Assurance was founded in 1961 in Arlington Heights. It later moved to Schaumburg and opened another office in downtown Chicago. Assurance provides property and casualty insurance, employee benefits and retirement services to businesses in several sectors, including construction, staffing, senior living, schools and real estate firms.

The firm will be known as Assurance, a Marsh & McLennan Agency company.

In 2019, Assurance’s annual revenues were more than $127 million. The company employs 525 workers.

Assurance CEO Tony Chimino, who will lead the Marsh & McLennan’s regional headquarters, said the acquisition will allow the company to expand its offerings to clients with international offices, among other things.

“What’s great about MMA is that they buy us for who we are as opposed to something they’re trying to get us to become,” Chimino said.

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