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Marsh McLennan said Friday it has completed the $7.75 billion acquisition of McGriff Insurance Services.

The purchase of Charlotte, North Carolina-based McGriff, founded in 1886, adds to Marsh McLennan’s position as the biggest U.S. broker, with $22.7 billion in revenue in 2023, .

John Doyle, president and CEO of Marsh McLennan, said McGriff’s “deep specialty and industry capabilities will strengthen Marsh McLennan Agency’s value proposition and expand our reach in the growing middle market. Together, McGriff and MMA will deliver even greater value to clients.”

Retail brokerage McGriff specializes in commercial property/casualty—including small business, cyber, and management liability—surety, employee benefits, alternative risk transfer programs, and personal lines insurance to businesses and individuals in the U.S.

As previously announced, McGriff’s more than 3,500 employees, including CEO Read Davis, will join Marsh McLennan Agency and operate from existing locations. Davis said McGriff employees will “gain access to expanded global resources and industry knowledge to build their career growth and bring innovative, actionable solutions to clients.”

McGriff was an affiliate of private-equity backed TIH (formerly Truist Insurance Holdings). In May, Truist Financial Corporation completed a sale of its remaining stake in TIH, then the 10th largest insurance brokerage in the U.S. with $3.46 billion in 2023 revenue, to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice. TIH insurance units now include CRC Insurance Services, Crump Life Insurance Services, and AmRisc.

According to the agreement, Marsh McLennan, through its Marsh McLennan Agency business, will assume a deferred tax asset valued at about $500 million.