Posted on 07 Feb 2011
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced the acquisition of Hampton Roads Bonding (HRB), a for commercial, road, utility, maritime, and governmental contractors in Virginia. Terms of the transaction were not disclosed.
HRB will operate within Rutherfoord, a Marsh & McLennan Agency company, expanding Rutherfoord’s construction capabilities in the mid-Atlantic region. The transaction is the second complementary acquisition for Rutherfoord following last month’s purchase of Strategic Benefit Solutions Inc., a benefits brokerage and consulting firm based in Alpharetta, Georgia.
HRB was founded in 1984 by Mark Bundy, a well-known and respected leader in the Virginia construction industry, who together with Gene Crawley has expanded the firm's client base to include more than 150 accounts and $3 million in revenue. Mr. Bundy, Mr. Crawley and the rest of the HRB team will join Rutherfoord’s existing Hampton Roads, Virginia, office and will continue in their current client-facing roles.
"Hampton Roads Bonding is another example of MMA’s strategy of adding high caliber, local talent and expertise to enhance the resources available to our clients at MMA,” said David Eslick, chairman and CEO of MMA. "HRB will be an excellent addition to Rutherfoord and MMA."
"Adding HRB to Rutherfoord enables us to offer greater resources and a broader platform to serve the needs of construction clients throughout the mid-Atlantic," said Thomas R. Brown, vice chairman of Rutherfoord. "We are delighted to welcome Mark, Gene and the rest of the HRB team to Rutherfoord. Our organizations are a great fit culturally. We share the same core values of putting the clients' interests first and providing exceptional service and expertise."
Mark Bundy, president of HRB, added: "Joining Rutherfoord is an excellent opportunity for Hampton Roads Bonding to build upon its success over the last 26 years. With the resources that Rutherfoord and MMA bring to bear, our clients now have a wider range of products and services that address their emerging needs."
HRB is the ninth acquisition for MMA since November 2009 when it began building out its national platform primarily to serve the property and casualty and employee benefits needs of the middle market. MMA is now the 12th largest agency in the United States with annual revenue of approximately $290 million.