Hilb Rogal & Hobbs Company reported the signing of a definitive agreement under which HRH will buy the stock of Zutz Associates Inc., Delaware’s largest independently-owned insurance agency. Terms of the transaction, which is expected to be completed by March 1, were not disclosed.
Founded in 1940, Zutz provides a wide range of insurance products and services, specializing in professional liability insurance for associations. 2005 gross revenues were approximately $11.3 million ($9.4 million net of outside brokers’ commissions) and premium volume for the firm exceeded $100 million.
The Zutz team of more than 75 professionals will continue to serve clients from their Wilmington, Delaware office under the leadership of their president, Lawrence (Larry) Zutz, and their existing management team. The operation will become part of HRH’s Mid-Atlantic region, led by its director, Steven Deal.
HRH assists clients in managing risks in property and casualty, employee benefits and other areas of specialized exposure.
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