Trustmark to sell Fisher Brown Bottrell Insurance to Marsh McLennan Agency
Trustmark National Bank has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell Insurance ( FBBINSURANCE ), to Marsh McLennan Agency for $345 million in cash.
The sale of FBBINSURANCE, among the five largest bank-affiliated insurance brokerages in the country and one of the largest agencies in the Southeast, is expected to allow Trustmark to capitalize on the strong valuation premiums in the insurance brokerage sector. The transaction value represents approximately 5.9 times FBBINSURANCE’s 2023 revenue and 28 times net income.
Founded in 1936, FBBINSURANCE specializes in providing commercial property/casualty insurance, surety and employee benefits services to businesses and individuals across the Southeast. Upon closing, the FBBINSURANCE team, including CEO Scott Woods, will join Marsh McLennan Agency and continue to operate out of their existing 10 offices across Mississippi, Alabama, and Florida.
“Trustmark entered the insurance brokerage business 25 years ago. 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.” – Duane A. Dewey, President and CEO of Trustmark.
“Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.” – Scott Woods, President of FBBINSURANCE.
“FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.” – Peter Krause, President and CEO of Marsh McLennan Agency’s Southeast region.
