McGriff Insurance Services Company Profile

Background

Founded in 1886, McGriff Insurance Services has established itself as a leading full-service insurance broker in the United States. The company's mission is to provide highly customized insurance, risk management, and employee benefit solutions, focusing on clients' priorities and values. With a steadfast commitment to integrity, determination, passion, and collaboration, McGriff has grown to serve businesses of all sizes and individual clients across the nation.

Key Strategic Focus

McGriff specializes in delivering comprehensive insurance and risk management solutions, including:

Commercial Insurance: Coverage for small companies, publicly held corporations, and large multinational businesses.

Risk Management: Tailored risk mitigation and asset protection strategies.

Employee Benefits: Strategies to manage costs and drive employee engagement.

Personal Insurance: Protection for families, homes, autos, and other assets.

The company emphasizes a client-centric approach, leveraging deep industry expertise and strategic partnerships to deliver actionable solutions.

Financials and Funding

In September 2024, Marsh McLennan announced an agreement to acquire McGriff Insurance Services for $7.75 billion. The acquisition was completed in November 2024, with McGriff's team of over 3,500 employees joining Marsh McLennan Agency. Prior to the acquisition, McGriff generated $1.3 billion in revenue for the trailing twelve months ended June 30, 2024.

Pipeline Development

McGriff has expanded its capabilities through strategic acquisitions, notably the acquisition of Alternative Risk Resources (ARR) in September 2023. This move enhanced McGriff's presence in the captive insurance market and broadened its operations in the Midwest, representing the company's first move into Wisconsin.

Technological Platform and Innovation

McGriff leverages advanced technologies and methodologies to deliver innovative solutions, including:

Data Analytics: Utilizing data-driven insights to assess risk and tailor insurance solutions.

Digital Platforms: Offering clients access to online tools for policy management and claims processing.

Risk Assessment Tools: Implementing proprietary tools to evaluate and mitigate potential risks effectively.

Leadership Team

Read Davis: Chief Executive Officer

Over 33 years in the insurance industry, with roles including regional president and real estate practice leader.

Rachael Yelverton: Director of Strategic Projects

Over 20 years in the insurance industry, focusing on digital strategy and market development.

Crystal Sanderson: National Director, Strategic Partnerships & Placement

Over 24 years in the insurance industry, specializing in carrier relations and national placement strategies.

Dusty Cahill: National Director, Executive Risk Advisors

Expertise in directors and officers liability, employment practices liability, and other executive risk areas.

David Sellars: National Director, Executive Risk Advisors

Over 27 years in the insurance industry, focusing on executive liability and risk management.

Matt Whitley: National Director, Data Enablement

Leads product development teams and manages enterprise digital information.

Leadership Changes

In November 2024, following the acquisition by Marsh McLennan, McGriff's leadership, including CEO Read Davis, joined Marsh McLennan Agency, continuing to operate from their existing office locations.

Competitor Profile

Market Insights and Dynamics

The insurance brokerage industry is characterized by steady growth, driven by increasing demand for risk management solutions and complex insurance products. The market is competitive, with several large firms vying for market share.

Competitor Analysis

Brown & Brown: Founded in 1939, headquartered in Daytona Beach, Florida, with approximately 15,200 employees and $4.8 billion in revenue.

HUB International: Established in 1998, based in Chicago, Illinois, employing between 10,000 and 50,000 individuals, with revenues between $1 billion and $5 billion.

Gallagher: Founded in 1927, headquartered in Rolling Meadows, Illinois, with 44,000 employees and $11.2 billion in revenue.

Strategic Collaborations and Partnerships

McGriff has engaged in strategic collaborations to enhance its service offerings, including the acquisition of Alternative Risk Resources to strengthen its captive insurance capabilities.

Operational Insights

McGriff's integration into Marsh McLennan Agency positions the company to leverage expanded resources and expertise, enhancing its ability to serve clients effectively. The combined entity aims to deliver greater value through a broader range of services and solutions.

Strategic Opportunities and Future Directions

As part of Marsh McLennan Agency, McGriff is poised to capitalize on growth opportunities in the middle market segment, leveraging the parent company's global resources and insights to deliver innovative solutions and drive client success.