Marsh & McLennan Agency (MMA) has acquired The Bond Network, a surety bonding agency based in Charlotte, North Carolina, as part of its ongoing business expansion strategy.
Bond Network was founded in 1985 by Thomas Dawkins and generates $1.1m in annual revenue. The company provides commercial, contract, and special risk surety bonds to private contractors throughout the Carolinas.
Following completion of the transaction, Dawkins and the rest of the agency will operate as part of MMA’s mid-Atlantic region.
Rutherfoord, a Marsh & McLennan Agency company, vice chairman Thomas Brown said, "The Bond Network is a well-known and respected surety specialist in The Carolinas and is an excellent addition to MMA’s mid-Atlantic region as it further strengthens our considerable construction capabilities."
Dawkins commented, "With the resources that MMA brings to bear, our clients now have a wider range of products and services that address their emerging needs."
Marsh & McLennan Agency operates autonomously and offers commercial property, casualty, personal lines, and employee benefits to clients across the US.
The recent deal follows MMA acquisition of California-based insurance brokerage firm Barney & Barney and Great Lakes Employee Benefit Services, an employee group benefits consulting and brokerage firm based in Troy, Michigan.
In December 2013, MMA purchased Cambridge Property & Casualty of Michigan, which provides an array of property/casualty insurance and risk management services to midsize businesses and ultra-rich clients, globally.
Image: Marsh & McLennan headquarters in the Americas. Photo: courtesy of Americasroof.