Insurance broker Rutherfoord sold to Marsh subsidiary
- March 17, 2010
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.