Benzinga | Apr 4, 2021 09:16AM EDT

Marsh & McLennan Agency Announced Friday it Acquired PayneWest Insurance; Terms Were Not Disclosed

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh (NYSE:MMC), 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."