By TRACEY DRURY
tdrury@bizjournals.com | 716-541-1609

Russell Bond & Co. Inc. is expanding its Massachusetts office in a new location.

The Buffalo-based insurance wholesaler opened the new office in Westfield, Mass., on Sept. 1, one town over from the previous location in Southhampton. The Massachusetts office was opened in February 2009 to help the company expand in the New England market.

Kurt Bingeman, owner/president, says the expansion has gone a bit slower than anticipated.

"We opened that office at the beginning of last year, just about the time business started slowing down. But they're doing well, given the circumstances," he says.

The office is among three locations for the company, including headquarters in the Ellicott Square Building downtown and a site in Hamilton, N.J., that opened two years ago. Companywide, employment is just under 50, including an outside sales representative working remotely from Charlotte, N.C.

Despite the economic slowdown, Russell Bond is doing well, Bingeman says. Revenue for 2009 was up 20 percent from the previous year and is running 7 percent to 8 percent ahead on revenue to date for 2010. He credits an expanded territory that has pushed business out to 45 states, well beyond the Western New York market that for 60 years has made up the bulk of business.

Those increases followed a down year in 2008 that saw a 4 percent decline in business.

"We continue to find opportunity, even though the market is kind of quiet," Bingeman says.

The company was listed in June at No. 12 on the Business First List of Insurance Agencies, based on 2009 premium volume of $47.9 million. That was up from No. 13 last year, based on 2008 premium volume of $45.4 million. Founded in 1950, the company offers insurance brokerage services with access to specialty and high-risk insurance markets in most states.

The new office in Westfield is headed by Barbara Simpson.