Marsh McLennan will pay $US7.75 billion ($11.2 billion) to acquire US broking business McGriff Insurance Services.

McGriff, an affiliate of North Carolina-based TIH, had $US1.3 billion ($1.9 billion) in revenue for the year ended June 30.

It was founded in 1886 and specialises in commercial property and casualty, surety, employee benefits and personal lines. Its team of more than 3500 employees, including CEO Read Davis, will join Marsh McLennan Agency, with the deal targeted to close this year.

“McGriff is a business with excellent leadership, outstanding talent and a record of strong growth,” Marsh McLennan president and CEO John Doyle said.

“The firm complements Marsh McLennan Agency’s capabilities and culture, and I am excited about future opportunities with them as part of our company.”

Mr Davis says Marsh McLennan’s global resources and insights will enable McGriff to deliver greater value and the deal will create growth and development opportunities for its team.