WHITE PLAINS, N.Y. (AP) — Marsh & McLennan Agency LLC has purchased employee benefits agency Progressive Benefit Solutions.
Financial terms were not disclosed Friday.
Progressive Benefit will become a division of Marsh & McLennan Agency's Rutherford unit and remain headquartered in Raleigh, N.C.
Marsh & McLennan Agency offers commercial property, casualty, employee benefits and other services to customers in the U.S. It is a subsidiary of Marsh, which is a subsidiary of Marsh & McLennan Cos.
Last month Marsh & McLennan Cos., a consulting and professional services firm based in New York, reported that its first-quarter net income rose 7 percent amid strong growth in its risk and insurance as well as consulting businesses.
Shares of Marsh & McLennan shed 29 cents to $31.87 in midday trading.