NEW YORK, N.Y. – Marsh Inc., the world’s leading risk and insurance services firm, reported yesterday that it has acquired Hinckley Marine Insurance, LLC (HMI), one of the largest brokers of yacht insurance in the country.
Marsh, which has 38,000 employees and annual revenues of $6.9 billion, also announced that Lee Judd, president of HMI, will continue to manage yacht insurance groups within Marsh’s Private Client Services practice. Marsh will maintain Hinckley’s operations in Maine and at its other locations.
“This combination expands Marsh’s capabilities in risk management for the luxury watercraft industry,” U.S. practice leader for Marsh’s Private Client Services practice, Lisa Lindsay, said. “In addition, clients of both firms will have access to a greater depth of risk management expertise as well as a wider range of risk and insurance solutions for their potential exposures.”
“It was very important to us that we turn over the stewardship of our customers’ yacht insurance needs to a company with as high a caliber of service as HMI has provided to its customers over the past 55 years,” said Sandy Spaulding president of Hinckley. “We feel Marsh is just that institution.”
Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with approximately 60,000 employees and annual revenues exceeding $11 billion. MMC also is the parent company of Putnam Investments and Mercer Inc. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges.