Marsh & McLennan Agency has picked up Florida-based insurance broker Celedinas Insurance Group. The acquisition provides MMA with a well reputed expertise in the area of high-net-worth disaster insurance, among others. Celedinas President and CEO, Ray Celedinas, will take on the additional role of National Private Client Practice leader at MMA.
Marsh & McLennan Agency (MMA), a subsidiary of Marsh, one of the largest insurance providers in the US, recently announced its third acquisition in the space of just two months. MMA recently picked up Aviation Solutions, adding aviation expertise for its mid-sized clients, and Corporate Consulting Services, a New York based insurance brokerage and human resource consultancy.
Its latest pickup, Celedinas Insurance Group, improves the services and capabilities offered by MMA in the areas of high-net-worth personal lines, with the aim of accelerating further revenue growth from the segment. The deal sees all of Celedinas’ employees and leadership join MMA, although they will continue to operate from their current premises in Florida. Celedinas President and CEO, Ray Celedinas, will take on the additional responsibility of National Private Client Practice leader at MMA.
Celedinas Insurance Group (Celedinas) was founded in 1959 and operates from its Palm Beach Gardens, Florida, headquarters. The company has since grown to revenues of around $22 million, employing 120 people across five offices in Florida. The company specialises in providing high-net-worth individuals and families with insurance cover for their valuables in the case of hurricanes, tornadoes, windstorm, earthquakes, floods and wildfires, with its broader practice providing property/casualty insurance, marine insurance, and employee benefits services to businesses and individuals.
“Celedinas is a top-notch, full service insurance brokerage firm that is widely recognized as a leader in the high-net worth personal lines industry,” says David Eslick, chairman and CEO of MMA. Ray Celedinas, President and CEO of Celedinas, responds by saying “With the resources that MMA and Marsh bring to bear, our clients now have access to a wider range of expertise, services, and solutions to address their needs.”
On working together, Eslick from MMA affirms “I’m thrilled that we are joining forces and look forward to Ray and his team helping to drive forward MMA’s private client strategy nationally.” Caledinas acknowledges that “Joining MMA is an excellent opportunity for Celedinas to build upon its success over the last five decades.”