NU Online News Service, March 13, 11:40 p.m. EDT
Marsh & McLennan Agency LLC, a subsidiary of insurance broker Marsh Inc., has acquired KSPH LLC, a $5 million revenue employee benefits agency based in Glen Allen, Va.
Launched in 2000, KSPH offers 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 (MMA) company.
Marsh says the acquisition will further expand Rutherfoord’s Richmond, Va., market position and add to its employee benefit capabilities.
The transaction is the third acquisition for Rutherfoord, which MMA acquired in 2010 to serve as its mid-Atlantic hub, Marsh notes.
All of KSPH’s leadership, including Jeff Penny, co-founder and principal, and the firm’s employees will join Rutherfoord/MMA and continue operating out of their existing location.
Since 2009, MMA has completed 17 acquisitions and currently generates approximately $340 million in annualized revenue.
Terms of the transaction were not disclosed.