New York-based Marsh & McLennan Agency has acquired Hampton Roads Bonding (HRB), a surety bonding agency for commercial, road, utility, maritime and governmental contractors in Virginia.
Terms of the deal were not disclosed.
HRB will operate within Rutherfoord, a Marsh & McLennan Agency company; the move will expand Rutherfoord’s construction capabilities in the mid-Atlantic region, Marsh said. It’s the second deal this year aimed at bolstering Rutherfood’s presence, following Marsh’s acquisition last month of Georgia-based broker Strategic Benefit Solutions.
HRB has more than 150 accounts and $3 million in revenue, according to Marsh. Agency founder Mark Bundy, longtime associate Gene Crawley, and rest of the HRB staff will join Rutherfoord’s existing Hampton Roads, Virginia, office and continue in their current roles.
Topics Mergers & Acquisitions
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