ABOUT THE DEAL
When did the acquisition take effect?
Friday, May 30, 2014.
Why did we decide to sell?
This is a great opportunity
for Senn Dunn’s clients and associates. Deciding to sell the agency was by no
means an easy decision, but it will enable us to grow and continue to serve
clients for the long term. Joining Marsh & McLennan Agency LLC (MMA)
provided Senn Dunn a unique opportunity to retain our operating model,
leadership and culture, while gaining access to resources from one of the
world’s leading insurance brokers. Our relationship with MMA will benefit our
associates and our clients.
Was Health Care Reform a factor of the sale?
All of the insurance markets
are in the midst of the most significant change seen in the past 50 years. The
business of offering insurance and employee benefits will be more competitive
and dynamic going forward. Given the changing health insurance landscape, joining
MMA will allow Senn Dunn to optimize our ability to invest in new solutions,
resources and capabilities for employers and individuals regardless of what the
future may hold.
Why did MMA select Senn Dunn?
MMA was seeking a prominent
middle-market, southeastern agency to join their Mid-Atlantic region. MMA was
drawn to Senn Dunn’s strong regional presence, proven leadership,
entrepreneurial culture and dominance in both the property casualty and
employee benefits business.
ABOUT MMA
Who is MMA?
Marsh & McLennan Agency
(MMA) LLC was created in 2008 as a separate operating subsidiary of Marsh &
McLennan Companies (MMC), Inc., one of the world’s leading global insurance
brokers and risk management advisors. MMA primarily serves the property &
casualty and employee benefits needs of the middle market with separate
leadership from Marsh.
MMA is headquartered in White
Plains, New York and currently employs less than 20 employees. The New York
office does not service any clients and primarily serves as the corporate
headquarters for all of its agency companies. MMA intends to have a small
corporate staff to ensure the majority of decisions are made by the regional
management teams.
How does MMA envision growing in the next few years?
MMA has been very public
about its goal to build one of our industry’s preeminent national
organizations. It currently ranks as the 12th largest employee
benefits and property casualty agency in the United States with annual revenue
of $600 million. Their unique acquisition growth model ensures little to no
disruption of operations at the regional level, ensuring the integrity and
culture of each agency remains intact, while at the same time building a
comprehensive and diverse national network of brokerages.
What role will Senn Dunn play in the growth plan?
Senn Dunn will take a
leadership role in the Carolinas as part of the Mid Atlantic (VA, DC, MD, NC,
SC, GA, AL, TN, KY, WV and PA) region for MMA, continuing to grow in our existing
markets.
How will we access the services of Marsh?
Even though we will be
operating under a separate structure and management from Marsh, we will have
access to their capabilities for the benefit of our clients. We are working
through these details now, and will share the process of accessing Marsh’s
resource as they are finalized; these resources may include practice group
expertise, business analytics, risk consulting with MMA Environmental, claims
support, and international support. We also have the ability to access the
capabilities of Mercer, a global leader in talent, health, retirement and
investments.
ABOUT THE SENN DUNN ASSOCIATES AND
OFFICE LOCATIONS
What happens to the Associates in each of the
locations?
No positions were lost due to
this acquisition. Our associates, locations (Greensboro, High Point, Raleigh,
Wilmington and Charlotte) and operating platform are what drew MMA to Senn Dunn
and we plan to continue working with clients in the same way we always have
worked with our clients. This is about growth, not consolidation and cost
reduction.
ABOUT CLIENT RELATIONSHIPS, PRODUCTS, SERVICES & OPERATIONS
When were clients informed?
Clients were informed on the
same day as our public announcement on June 2, 2014 through a letter and press
release.
When were vendors informed?
Vendors were informed on the
same day as our announcement by a letter.
Will there be any changes in client relationships as a
result of the acquisition?
We expect no changes to our
current operating structure. There
will be very few changes to our day-to-day job and our interactions with
clients.
ABOUT OUR BRAND
Will our logo and name change?
Because MMA respects the
brand equity we have built into our name and brand, we will initially make only
slight modifications to our current logo and name to reflect our new
relationship with
MMA. Our new name is Senn Dunn
Insurance, A Marsh & McLennan Agency LLC Company. We can still be referred
to as “Senn Dunn.”
ABOUT OUR CULTURE
What corporate culture changes can I expect?
We do not foresee any changes
in corporate culture. Our leadership, vision, values and commitment to serving
clients, associates and our communities remain the same. We look forward to
celebrating as a family, rewarding hard work and being active members in our
communities.
INQUIRES
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