A subsidiary of New York-based Marsh Inc. has acquired Roanoke-based Thomas Rutherfoord Inc., the 32th largest insurance brokerage in the country.
The deal will make Marsh & McLennan Agency the nation’s 13th largest broker with annual revenue of $171 million. Terms of the transaction were not disclosed.
Rutherfoord, founded in 1916, has annual revenue of $81 million and more than 300 employees working in 10 offices from Philadelphia to the Gulf Coast.
The top three officers at Rutherfoord, Thomas D. Rutherfoord Jr., Thomas A. Brown and George A. “Shad” Steadman III, will continue to lead the business. All other current Rutherfoord employees also will remain with the company and join the Marsh & McLennan network. The brokerage will continue to operate under the Rutherfoord name “for the forseeable future,“ according to a news release.
“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 pre-eminent national organizations,” Thomas D. Rutherfoord Jr., the chairman of Rutherfoord, said in a prepared statement.
I just want to add some information about this event. I have read that the deal makes Marsh & McLennan Agency the 13th largest insurance agency in the country with annual revenue of $171 million. The financial terms of the transaction were not disclosed. Rutherfoord is the 32nd largest brokerage in the U.S with revenues of $81 million. Marsh is the main insurance brokerage business of Marsh & McLennan. Now, I think, is more clear everything. Thanks a lot for the essential information and keep up publishing it in the nearest future, especially about the <a href=“http://allinsuranceinfo.org/agents/nevada/“>Nevada insurance</a>. Best regards, Peter Patton.
--peter55
Jun. 27, 2010 at 02:04 PM