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GLEN ALLEN, Va.—Marsh & McLennan Agency L.L.C., a unit of New York-based insurance broker Marsh Inc., has acquired KSPH L.L.C., a middle-market employee benefits agency based in Glen Allen, Va.
Terms of the deal, announced March 13, were not disclosed.
Launched in 2000, KSPH provides employee benefits and retirement plan consulting and brokerage services to middle-market employers throughout the state of Virginia. It has 30 employees and generates $5 million in annualized revenue, according to a Rutherfoord spokeswoman. After the acquisition, KSPH will operate within Rutherfoord, an MMA subsidiary with 309 employees based in Richmond, Va.
“Adding KSPH to Rutherfoord enables us to offer greater resources and a broader platform to serve the needs of our clients throughout the mid-Atlantic,” said Thomas R. Brown, vice chairman of Rutherfoord/MMA, in a statement.
This is the third acquisition for Rutherfoord/MMA after its purchase of Strategic Benefit Solutions in January 2011 and Hampton Roads Bonding Co. in February 2011.
Since embarking on its strategy to expand its presence in the middle market, MMA has acquired 17 middle-market agencies, the company said. MMA was established in 2008 to provide commercial property, casualty, personal lines and employee benefits services to midsize clients nationwide. It generates approximately $340 million in annualized revenue.
MARLBOROUGH, Mass.—Marsh Inc.’s Marsh & McLennan Agency L.L.C. subsidiary is acquiring the employee benefits division of Marlborough, Mass.-based Kaeding, Ernst & Co., the company announced Friday.