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Insurance giant Marsh McLennan Agency has picked up a Louisville, Kentucky-based HR consultancy called Integrity HR.
It’s a small deal with big consequences for the firm’s business expansion roadmap.
Marsh McLennan Agency has more than 10,000 workers across 170 offices worldwide. Those professionals help companies buy business insurance plans and also provide certain other services, such as assistance with setting up HR software.
Another set of teams within Marsh McLennan Agency focuses on working with corporations to develop employee benefits plans. However, that’s more or less the extent of the firm’s involvement in the HR services space, at least until now..
Out of its sole office in Louisville, Integrity HR provides recruiting and compensation planning to companies and government agencies. It also assists organizations with the process of finding successors to executives who are planning to retire.
The acquisition of Integrity HR will enable Marsh McLennan Agency to establish a foothold in the markets where the former firm operates. Those markets, namely the recruiting, compensation planning and executive succession segments, collectively represent a multibillion-dollar opportunity.
Crucially, the entirety of Integrity HR’s 14-strong workforce will be joining Marsh McLennan Agency. Their industry knowledge will likely become the the foundation on which the company builds out its HR services business.
“By bringing Integrity HR on board, we are elevating our national Employee Health & Benefits offerings to provide midsize clients with a full suite of benefits and HR services,” commented Marsh McLennan Agency exec Kate Moher.
If the gambit pays off, Marsh McLennan Agency can be expected to double down and invest more resources in its HR services push. Such a move may see the firm buy more recruiting consultancies or hire recruiting specialists through an organic talent acquisition drive.