What MMB does

MMB Milne Leone, LLC, founded in 2003 and headquartered in Richmond, Virginia, is a privately held financial services consulting firm that specializes in the design, implementation, servicing, and administration of Bank Owned Life Insurance (BOLI), Insurance Company Owned Life Insurance (ICOLI), Corporate Owned Life Insurance (COLI), and executive benefit plans. The firm serves three primary verticals: U.S. commercial banks (ranging from under $50 million to over $500 billion in assets), insurance companies seeking general account investment diversification through ICOLI, and professional firms/corporations using COLI for key-person insurance, business succession planning, and executive benefit funding. The firm operates from offices in Richmond, VA and Pittsburgh, PA, with 1–10 employees, and is described as approved as a service provider for top-rated mutual insurance companies, anchored by a multi-decade operational relationship with Northwestern Mutual.

MMB's core offering is delivered entirely in-house by a multidisciplinary team of attorneys, CPAs, and MBAs with over 100 years of combined experience in the BOLI/COLI/executive benefits market. The firm services over $3.3 billion in cash value across 14 insurance carriers and over 9,800 policies, and publishes annual BOLI industry statistics including ownership rates, average BOLI-to-Tier-1 capital ratios, and product-type preferences. Internal controls are independently tested and certified under SSAE 16 SOC 1, Type II. The firm's go-to-market is consultative and enterprise-focused, relying on direct engagement with senior executives (CFOs, treasury, benefits) at financial institutions, supplemented by thought leadership through speaking engagements at federal and state bank regulator conferences (FFIEC, OCC, FDIC, Federal Reserve, and numerous state banking departments) and professional associations (ABA Tax Section, Financial Managers Society).

MMB generates revenue through consulting and advisory fees tied to BOLI, ICOLI, COLI, and executive benefit plan engagements, with pricing negotiated on a client-by-client basis and not publicly disclosed. The firm maintains no self-service, marketplace, or channel-partner distribution; all client acquisition is relationship-driven. There are no funding rounds, no parent company, no subsidiaries, and no public listing. The client portal is hosted on Northwestern Mutual SharePoint infrastructure, reflecting the structural depth of the firm's carrier partnership.

Name

MMB

Legal name

MMB Milne Leone, LLC

Website

https://mmbconsulting.net

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

MMB Milne Leone, LLC is a Richmond, VA-based financial consulting firm that designs, implements, and administers BOLI, ICOLI, COLI, and executive benefit plans for U.S. banks, insurance companies, and professional firms. It services over $3.3 billion in cash value across 14 carriers.

Ownership category

akta.pro rank

Product category

Insurance and Executive Benefits Advisory

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Discretionary Portfolio Management (DPM) (FSAAABAC)

akta.pro secondary industry

Stop-Loss & Reinsurance Administration (Captive/Level-Funded Support) (HLAEALAB)

Keywords

• Bank owned life insurance
• Corporate owned life insurance
• Executive benefit plans
• Insurance consulting services
• BOLI administration

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Consulting and Advisory Services: MMB provides design, implementation, service, and administration of BOLI, ICOLI, COLI, and executive benefit plans for financial institutions. Revenue appears to be generated through consulting fees and/or commissions on insurance products placed through carriers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MMB provides the design, implementation, ongoing service, and in-house administration of Bank Owned Life Insurance (BOLI), Insurance Company Owned Life Insurance (ICOLI), Corporate Owned Life Insurance (COLI), and executive benefit plans (Split Dollar, SERP, DBO, 162 Executive Bonus, Deferred Compensation) for banks, insurance companies, and professional firms. The firm services over $3.3 billion in cash value across 14 carriers and more than 9,800 policies, operating through consultative advisory engagements supported by SOC 1 Type II audited internal controls.

Product overview

MMB is a financial consulting firm offering four core insurance products: Bank Owned Life Insurance (BOLI), Insurance Company Owned Life Insurance (ICOLI), Corporate Owned Life Insurance (COLI), and Executive Benefits. BOLI is designed for banks as owner/beneficiary of policies on select executives with tax-advantaged cash value accumulation. ICOLI serves insurance companies seeking investment diversification with favorable risk-return profiles. COLI addresses corporate needs for key-person insurance, business succession, and executive plan funding. Executive Benefits encompasses specialized plans including SERPs, Split Dollar Plans, DBO Plans, 162 Executive Bonus Plans, and Deferred Compensation Plans. The firm services over $3.4 billion in cash value across these product lines.

Differentiator

Problem solved

Functional benefit

Products and services

• Bank Owned Life Insurance (BOLI) Institutionally priced life insurance where the bank is the owner and beneficiary, placed on select executives and sometimes Board members, featuring limited medical underwriting or guaranteed issue basis with cash value typically equaling or exceeding initial premium from day one. Designed for U.S. banks seeking tax-advantaged cash value accumulation, executive retention, and employee benefit financing.
• Insurance Company Owned Life Insurance (ICOLI) Investment diversification product for U.S. insurance companies offering compelling returns per unit of risk, helping optimize portfolios and position companies along the efficient frontier, with general account products performing like AAA-rated instruments. Aimed at insurance company treasurers and portfolio managers seeking tax-adjusted returns and interest rate risk mitigation.
• Corporate Owned Life Insurance (COLI) Life insurance used for key-person insurance, business succession planning, and as a funding vehicle for executive benefit plans, where the business is the owner and beneficiary and benefits from tax advantages. Designed for U.S. professional firms and corporate entities seeking business continuity, executive retention, and tax-efficient compensation.
• Executive Benefits A suite of executive benefit plans including Split Dollar Plans, Supplemental Executive Retirement Plans (SERP), Death Benefit Only Plans (DBO), 162 Executive Bonus Plans, and Deferred Compensation Plans, tailored to meet specific financial needs of key employees. Targeted at executives and key employees of banks, insurance companies, and other financial institutions and corporations.

Quantifiable outcome

• Over $3.3 billion in cash value serviced across 14 carriers
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Northwestern MutualcoreStrategic or Co-development PartnerMMB appears to have strong historical and operational ties to Northwestern Mutual. Multiple team members (John Milne, Peter Leone, Amanda Robinson, Bram Willets) joined Northwestern Mutual before forming or joining MMB. The firm is described as having team members who 'joined Northwestern Mutual' and the company is affiliated with Northwestern Mutual as a financial services practice. Northwestern Mutual is a top-rated mutual insurance company that provides the underlying BOLI, ICOLI, and COLI products that MMB services for clients.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CBIZ: CBIZ provides accounting, tax, and financial advisory services to banks and financial institutions including executive benefits and BOLI-adjacent consulting. It is a broad incumbent offering adjacent but overlapping services to MMB's bank client base.
• Aon: Aon is a global professional services firm with a substantial employee benefits and wealth practice that advises financial institutions on executive benefits, deferred compensation, and BOLI-adjacent solutions. It is a broad incumbent that competes with MMB on large, multi-line benefits engagements.
• Milliman: Milliman is an actuarial and consulting firm with deep expertise in BOLI program design, carrier selection, and ongoing risk management for banks. It is a broad incumbent that competes with MMB on the actuarial and risk management dimensions of BOLI consulting.
• Marsh McLennan: Marsh McLennan is a global professional services firm with insurance brokerage, risk management, and benefits consulting practices that touch executive benefits and corporate-owned life insurance. It competes for the largest, most complex BOLI/employee benefits engagements where scale and multi-product bundling matter.
• Willis Towers Watson (WTW): WTW provides actuarial, benefits, and risk consulting to financial institutions including BOLI risk management, executive compensation, and post-retirement benefit financing. It is a broad incumbent that overlaps with MMB on consulting-led BOLI/executive benefit engagements.

Direct peers

• Kehrer Group: Kehrer Group is a BOLI-focused advisory firm that works with community and mid-size banks on BOLI program design, implementation, and ongoing administration. It competes head-to-head with MMB for the same BOLI buyer segment and uses a similarly specialized consulting model.
• Schechter Wealth: Schechter Wealth is a national BOLI and executive benefits consulting firm serving banks and financial institutions. It is one of the closest direct competitors to MMB, offering the same BOLI/COLI design, implementation, and administration services to a similar bank client base.

Others

• Northwestern Mutual: Northwestern Mutual is the top-rated mutual life insurance carrier that underwrites the BOLI, COLI, and ICOLI products MMB services, and is the firm's stated affiliated practice partner. It is an ecosystem participant — both a key product supplier and a channel dependency for MMB.
• Principal Financial Group: Principal Financial Group is a major insurance carrier that offers BOLI and executive benefit products to banks and corporate clients. It is an enabling ecosystem participant — a competing product supplier to the carriers MMB works with — that interacts with the same bank buyers.
• New York Life: New York Life is a top-rated mutual life insurance carrier that issues BOLI and COLI policies similar to those serviced by MMB. It is an enabling ecosystem participant that competes with Northwestern Mutual for the underlying product and could potentially disintermediate or partner with consulting firms like MMB.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mmb-consulting-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MMB