Deals & People May 3, 2010

Marsh Acquires Bostonian Group

Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced it has acquired The Bostonian Group Insurance Agency, Inc., and Bostonian Solutions, Inc.
Reported by

The acquisition makes Marsh & McLennan Agency the country’s 12th largest insurance agency with annual revenue of approximately $185 million, according to an announcement. Terms of the transaction are not disclosed.  

Jim Blue, CEO of Bostonian Group, and Phil Litos, president, Bostonian Group, will join MMA and will retain leadership roles in the firm’s Boston operation. Blue will report to David L. Eslick, chairman and CEO of Marsh & McLennan Agency. All of Bostonian Group’s employees will remain with the firm and join MMA.  

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Established in 1973, Bostonian Group expanded over the years beyond its initial focus on middle-market employee benefits to become a full-service insurance brokerage with dedicated capabilities in employee and executive benefits, HR services, and retirement services. The firm has 60 employees and approximately $14 million in annual revenue. It will continue to operate under the Bostonian Group name for the foreseeable future.

Data & Research May 3, 2010

Americans Need Financial Help, Report Lagging on Retirement Savings

Fifty-seven percent of respondents to a survey commissioned by TD AMERITRADE reported they are either a little or far behind financially in terms of preparation for retirement.
Reported by

Of those, 36% are a little behind where they want to be, and 21% are far behind where they want to be, according to a release of the results. The survey found more than half (54%) of women feel they need professional investment guidance, compared to 46% of men.

Eleven percent of female breadwinners reported they need a lot of guidance from a professional when it comes to reaching their goals for retirement, compared to 6% of male breadwinners who report the same. 

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Of the 57% who reported they were behind in their retirement savings, 56% said the reason is that they have little or no money left for savings after meeting their regular expenses, 56% indicated they started saving for retirement later in life, and 61% of women and 43% of men said raising children set them back. 

More than half of respondents (54%) of all respondents expect to contribute more often to a retirement account in 2010. 

On a scale of 1 to 10 where 10 is “extreme stress,” 10% of women reported “extreme stress” in managing their retirement savings, compared to 4% of men who reported the same. Nearly a quarter (24%) of those surveyed reported their biggest concern as they approach retirement is having to work longer to supplement Social Security income, and 19% cited outliving their savings. 

Forty-seven percent of women indicated “having to work longer to supplement Social Security income” is their top concern as they near retirement, followed by “coping with health care expenses” (38%). Forty-two percent of men identified “outliving savings” as their top concern as they approach retirement, followed by “coping with health care expenses” (38%). 

The findings are based on a survey conducted in February by Infogroup | ORC among 1,058 working adults.

The full results can be downloaded here.  

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