Marsh & McLennan Agency (MMA), a subsidiary of insurance broker Marsh, has acquired Hampton Roads Bonding (HRB), a surety bonding agency in Virginia.
MMA said that the HRB will operate within its agency company Rutherfoord and expands its construction capabilities in the mid-Atlantic region.
HRB’s team including its president Mark Bundy, underwriter Gene Crawle and the rest of the team will join Rutherfoord’s existing Hampton Roads, Virginia, office and will continue in their current client-facing roles.
Rutherfoord vice chairman Thomas Brown said adding HRB enables the company to offer greater resources and a broader platform to serve the needs of construction clients throughout the mid-Atlantic.
Bundy said Joining Rutherfoord is an excellent opportunity for Hampton Roads Bonding to build upon its success over the last 26 years. With the resources that Rutherfoord and MMA bring to bear, the clients now have a wider range of products and services that address their emerging needs.
Terms of the transaction were not disclosed.