One of San Diego's oldest firms, the Barney & Barney insurance brokerage, has been acquired by a division of global insurance giant Marsh & McLennan.
The terms of the deal were not disclosed, but the acquisition was said to be the largest to date for Marsh & McLennan Agency, or MMA, which, over the past several years has bought insurance brokerages and consultancies in Massachusetts, Michigan, Minnesota and Florida.
Founded by brothers Phillip and Lorenze Barney in 1909, Barney & Barney is the nation's 34th-largest insurance brokerage, with annual revenues of $100 million. It has about 500 employees in San Diego, San Francisco, Oakland and Aliso Viejo, all of whom will now become members of MMA.
The firm will now be known as "Barney & Barney, a Marsh & McLennan Agency company." The San Diego headquarters will serve as the MMA’s Western regional hub under the leadership of Paul Hering, Barney & Barney's CEO.
David Eslick, MMA's chairman and CEO, praised Barney & Barney's "client-centric culture" and said he looks forward to working with Hering "to further build out MMA’s presence in the West.”
Hering said the merger will "ensure new opportunities for our associates and more resources for our clients."
Barney & Barney is one of a handful of San Diego firms to survive for 100 years under its original name. After initially building its client base through selling fire insurance to downtown businesses and insuring the local tuna-fishing fleet, the firm created the state's first known general liability insurance policy for the California-Pacific Exposition in Balboa Park in 1935 and also developed one of the state's first employee benefits insurance departments in the 1950s.
When it celebrated its centennial with a grand fete in Balboa Park in 2009, only nine other local companies had survived more than 100 years, including The Daily Transcript as well as the San Diego Union-Tribune, San Diego Gas & Electric, San Diego Hardware, Trepte Construction, NASSCO, Neyenesch Printing and T.B. Penick & Sons Construction. One of the 10, the law firm of Luce Forward Hamilton & Scripps, has since been acquired by McKenna Long & Aldridge.
9171 Towne Centre Dr., Suite 500
San Diego, CA 92122