Jackson, Mississippi-headquartered Trustmark National Bank announced the sale of its subsidiary Fisher Brown Bottrell Insurance Inc. (FBBInsurance) to Marsh & McLennan Agency LLC for $345 million in cash.
In connection with the sale, current leadership and employees of FBBInusrance are expected to join Marsh McLennan Agency. Trustmark stated the transaction value represents approximately 5.9 times FBBInsurance’s 2023 revenue and 28 times net income.
“Trustmark entered the insurance brokerage business 25 years ago,” said Duane A. Dewey, president and CEO of Trustmark. “Since then, the agency has grown from a single office in Jackson to ten offices across Mississippi, Alabama, and Florida to become one of the largest bank-affiliated insurance brokerages in the country, and one of the largest in the Southeast. The FBBInsurance team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.”
Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation (NASDAQ: TRMK) and Marsh & McLennan Agency is a division of Marsh & McLennan Companies Inc. (NYSE:MMC).