NU Online News Service, Feb. 7, 1:45 p.m. EST
Two major insurance brokers announced acquisitions today with Marsh & McLennan Agency (MMA) acquiring Hampton Roads Bonding and Hub International Ltd. acquiring Knight Insurance Agency, Inc.
MMA, a subsidiary of New York-based insurance broker Marsh, a member of Marsh & McLennan Companies, said it has acquired Hampton Roads Bonding (HRB), a surety bonding agency for commercial, road, utility, maritime, and governmental contractors in Virginia.
HRB was founded in 1984 by Mark Bundy, who together with Gene Crawley, has expanded the firm's client base to include more than 150 accounts and $3 million in revenue.
Mr. Bundy, Mr. Crawley and the rest of the HRB team will join Thomas Rutherfoord Inc.'s existing Hampton Roads, Va., office and continue in their current roles. The acquisition will expand Rutherfoord's construction capabilities in the mid-Atlantic region, MMA said. Roanoke, Va.-based Rutherfoord was acquired by MMA in March last year.
MMA said the firm has made nine acquisitions since it began building out its national platform in late 2009.
Chicago-based Hub International said it has acquired Drexel Hill, Pa.-based Knight Insurance Agency. The acquired agency will become a part of the Hub International Northeast Ltd. team, moving into Hub's existing office in Blue Bell, Pa.
Founded in 1888 and acquired by Terence Joyce in 1990, Knight serves the commercial insurance needs of businesses in Delaware County and the five surrounding counties in the Philadelphia metropolitan area.
Mr. Joyce, president of Knight, will join Hub as part of this acquisition as vice president, sales, reporting to Joseph Spinner, senior vice president of Pennsylvania Operations, Hub International Northeast.
Financial terms of both transactions were not released.
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