Virginia-based insurance and benefits broker Rutherfoord has another employee benefits agency.
Marsh & McLennan Agency LLC, Rutherfoord’s parent company, has bought Progressive Benefit Solutions (PBS), an employee benefits agency based in Raleigh, N.C., with annual revenues of $5 million. Terms of the transaction were not disclosed.
The deal is the fourth acquisition for Rutherfoord since it became part of Marsh & McLennan Agency.
Company officials say the acquisition will expand Rutherfoord’s employee benefits services in the Raleigh market. PBS offers health, wellness, compliance, and executive compensation products and services to midsize clients.
John McDonnell, William Salmon, Rick Kelly, and the rest of the PBS team will join Rutherfoord and continue operating out of PBS’ existing Raleigh office.
Marsh & McLennan Agency LLC, a subsidiary of Marsh Inc., was established in 2008 to meet the needs of midsize businesses in the U.S. MMA operates independently from Marsh to offer commercial property, casualty, personal lines, and employee benefits to clients across the U.S.
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