Marsh Completes Acquisition of Iowa-Based Accel Holdings

Marsh has completed its acquisition of Accel Holdings Inc., bringing the Waverly, Iowa-based insurance and advisory firm into Marsh Agency. The company said on October 2 that Accel will operate within Marsh Agency, while all Accel Group colleagues have joined the business and will continue working from their current locations. Financial terms were not disclosed.

The close gives Marsh Agency a larger presence in Iowa and adds retirement and wealth advisory capabilities along with agribusiness expertise to its Upper Midwest operations. Accel also brings commercial and personal insurance and employee benefits services, giving the Marsh business a broader local offering across several Midwestern markets.

When Marsh announced the agreement in August, it said Accel had more than 130 employees and seven offices across Iowa, Illinois, Missouri and Kansas. The acquisition had been expected to close in the third quarter, and the October 2 announcement confirms that the purchase is now complete.

Accel brings a broader mix of services to Marsh Agency

Accel has built its business across several lines that fit directly into Marsh Agency’s middle-market model. Marsh described the firm at signing as a diversified insurance and advisory business providing commercial and personal insurance, employee benefits, agribusiness solutions, wealth management and retirement advisory services. That mix gives Marsh Agency additional depth in areas that extend beyond traditional property and casualty brokerage.

Accel’s own agency profile describes a business serving personal, business and agribusiness insurance needs as well as employee benefits, with offices in Iowa, Illinois, Missouri and Kansas. The company has emphasized local relationships and independent-agency service, a model that Marsh Agency has repeatedly used as it expands by acquiring established regional firms rather than building every market presence from scratch.

The wealth and retirement pieces are particularly relevant because they widen the range of services Marsh Agency can offer clients in the region. The August announcement said Accel’s retirement and wealth capabilities would strengthen the Upper Midwest team’s existing offerings. Marsh also highlighted Accel’s agribusiness knowledge, which is especially relevant in Iowa and neighboring states where agricultural businesses form an important part of the commercial client base.

The close does not appear to change Accel’s physical footprint immediately. Marsh said all Accel colleagues have joined Marsh Agency and will remain at their current locations. That gives the buyer an established local workforce and client base while allowing the acquired firm to continue serving customers from the offices they already use.

The acquisition adds to Marsh Agency’s Upper Midwest expansion

Accel joins a business that has been built heavily through acquisitions. In a September leadership announcement, Marsh said Marsh Agency had acquired more than 100 agencies since its launch in 2009 and had grown to more than $5 billion in revenue. The company has used that approach to add regional relationships, industry specialties and local distribution while placing those firms on a larger national platform.

The Accel purchase fits that pattern closely. At signing, Marsh said the firm would expand its geographic footprint in Iowa and strengthen its presence in neighboring states. Rather than entering a new line of business from zero, Marsh Agency is taking on an established organization with existing insurance, employee benefits, retirement, wealth and agribusiness operations.

There is also a naming change around the deal that can make the earlier and later announcements look different. The August agreement was announced by Marsh McLennan Agency, commonly known as MMA. Marsh has been simplifying its branding across the group, and the business is now being presented as Marsh Agency. The October closing announcement therefore refers to Accel operating within Marsh Agency even though the original agreement used the older Marsh McLennan Agency name.

That broader rebrand follows Marsh McLennan’s move to the Marsh name in 2026. The parent company now trades under the Marsh name and ticker MRSH, while its businesses have been moving toward aligned branding on different schedules. The buyer’s underlying middle-market role has not changed: Marsh Agency continues to focus on business insurance, employee benefits, retirement and wealth, and private client services in the United States and Canada.

Accel’s roots stretch back decades

Accel is not a newly created brokerage. The firm traces its history to Young Insurance Agency, founded in 1936 and later renamed The Accel Group. Another part of its lineage comes from Millhiser Insurance Agency, founded in 1928, with Millhiser Smith Agency established later. Marsh said Accel strengthened that legacy through a merger with Millhiser Smith Agency in 2018.

Those roots help explain why Marsh emphasized local relationships when it first announced the acquisition. Accel had already developed a multistate office network and a mix of services aimed at individuals, businesses and agricultural clients. The purchase gives Marsh Agency those established relationships along with employees who already know the local markets and client base.

The October closing announcement did not provide a purchase price, financing details or a separate revenue figure for Accel. It also did not announce office closures or relocations. Marsh said all Accel Group colleagues have joined Marsh Agency and will continue operating from their current locations, making workforce and office continuity the clearest immediate operational outcome of the completed acquisition.