Global insurance services group Marsh McLennan has sealed an agreement to acquire U.S.-based regional brokerage McGriff Insurance Services LLC at a total cost of $7.75 billion.

McGriff has long-standing presence in the U.S. insurance brokerage space, covering property and casualty insurance for small and mid-sized enterprises, personal property coverage and employee benefit programs. Representing Marsh McLennan’s largest investment in U.S. retail brokerage in recent years, the transaction will see McGriff folded into Marsh’s domestic retail division upon deal completion.