Posted on 17 Mar 2010
In a move that dramatically accelerates its national growth, Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., today announced it has acquired Thomas Rutherfoord, Inc., the country's 32nd largest brokerage firm and 14th largest independently owned firm in the U.S. The acquisition makes Marsh & McLennan Agency the country's 13th largest insurance agency with annual revenue of $171 million. Terms of the transaction are not disclosed.
Rutherfoord is one of the most highly-regarded brokerage firms in the country. During the last 30 years, the senior management team has built the premier franchise in the Southeast and mid-Atlantic region. Rutherfoord brings to MMA a dynamic sales culture, encouraging entrepreneurial innovation from its employees in meeting their clients' needs, as well a financial performance which consistently ranks among the industry's highest in organic growth and profitability. Established in 1916, the firm has annual revenues of $81 million, more than 300 employees, and 10 offices located from Philadelphia to the Gulf Coast region.
Rutherfoord's top three executives, Thomas D. Rutherfoord, Jr., chairman, and vice-chairmen Thomas R. Brown and George A. "Shad" Steadman, III, a CIAB board member for more than 20 years and chairman in 2008, will continue to lead the regional business. All of Rutherfoord's employees will remain with the firm and join the MMA network.
"Rutherfoord is an outstanding organization and is regarded among its peers as one of the top insurance agencies in the country; we're excited to add the strength, depth and quality of their entire team to our growing national business," said David L. Eslick, chairman and CEO of Marsh & McLennan Agency. "Their focus on client relationships, orientation toward teamwork, quality of employees, discipline of financial performance, and market relationships all speak volumes about the integrity of the entire organization. They have a wealth of specialized expertise and capabilities and bring us a strong operation in the Southeast and mid-Atlantic region. That's why we have designated Rutherfoord as our lead brokerage firm in the mid-Atlantic region and the District of Columbia."
"Joining Marsh & McLennan Agency represents an exciting opportunity for all the members of our firm to build upon the strong foundation we have forged over the last 30 years. Our future is bright because this consolidation of talent and resources promises to become one of our industry's preeminent national organizations," said Thomas D. Rutherfoord, Jr., chairman of Rutherfoord.
"Together, we will offer greater resources and a broader platform to serve the emerging needs of our clients as they address the increasingly complex risks associated with operating in today’s dynamic business environment."
The Virginia-based insurance broker will continue to operate under the Rutherfoord name for the foreseeable future.
A Virginia-based company, Rutherfoord has annual revenues of $81 million and more than 300 employees. With 10 offices located from Philadelphia to the Gulf Coast region, Rutherfoord is the 32nd largest brokerage firm in the U.S. and ranks as the 14th largest among independents. Established in 1916, it provides a full range of commercial property and casualty insurance, risk management, surety, employee benefits, and personal insurance. For more information about Rutherfoord, visit www.rutherfoord.com.
About Marsh & McLennan Agency LLC
Marsh & McLennan Agency LLC, a subsidiary of Marsh Inc., the world’s leading insurance broker and risk advisor, was established in 2008 to meet the needs of mid-sized businesses in the U.S. The firm will operate independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.