Marsh & McLennan Agency (MMA), a subsidiary of giant insurance broker Marsh Inc., has acquired Glen Allen-based employee benefits agency KSPH.
Terms of the transaction were not disclosed.
Founded in 2000, KSPH is a company with $5 million in annual revenue offering a wide range of employee benefits and retirement plan services to middle-market clients in Virginia.
KSPH will operate within Rutherfoord, a Marsh & McLennan agency, adding to its employee benefit capabilities. The transaction is the third acquisition for Rutherfoord, which MMA acquired in March 2010 to serve as its mid-Atlantic hub.
All of KSPH’s leadership and employees will join Rutherfoord/MMA and continue operating out of KSPH’s Glen Allen office.
MMA was started in 2009 to build nationwide middle-market agency, The company has completed 17 acquisitions and generates approximately $340 million in annualized revenue.
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