Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has acquired Thomas Rutherfoord, an independently owned brokerage firm, to strengthen its position in the insurance industry.
The acquisition is expected to bring MMA a sales culture, encouraging entrepreneurial innovation from its employees in meeting their clients’ needs, and a financial performance which consistently ranks among the industry’s highest in organic growth and profitability.
Established in 1916, the Virginia-based insurance broker Rutherfoord has annual revenues of $81m, more than 300 employees, and 10 offices located from Philadelphia to the Gulf Coast region.
As per the agreement, the Rutherfoord’s top three executives, Thomas Rutherfoord, chairman, Thomas Brown, vice-chairmen, George Steadman, III, a CIAB board member and chairman in 2008, will continue to lead the regional business. The firm will continue to operate under the Rutherfoord name for the foreseeable future and all of its employees will remain with the firm and join the MMA network.
David Eslick, chairman and CEO of Marsh & McLennan Agency, said: “Their focus on client relationships, orientation toward teamwork, quality of employees, discipline of financial performance, and market relationships all speak volumes about the integrity of the entire organization. That’s why we have designated Rutherfoord as our lead brokerage firm in the mid-Atlantic region and the District of Columbia.”