The Hilb Group, a middle market insurance agency based in Richmond, Virginia, announced that it has acquired PriMed Consulting, an independent agency in Ocean Township, New Jersey. The deal represents The Hilb Group’s first acquisition in New Jersey.
Terms of the transaction, which became effective Feb. 1, were not disclosed.
Founded in 1998, PriMed Consulting specializes in providing medical malpractice insurance services for physicians in New York and New Jersey.
PriMed President Gabrielle Lamb will continue to lead the agency’s 13 employees under its current name and will serve as a medical malpractice resource to other Hilb offices.
This is The Hilb Group’s second acquisition in 2016 and ninth in the past 12 months. The Hilb Group said the PriMed deal will expand its medical malpractice expertise and establish its first location in New Jersey.
“PriMed is a leader in medical malpractice services in New York and New Jersey,” The Hilb Group Chief Executive Officer Bob Hilb said. “Their specialty focus goes a long way toward strengthening both our service offerings and presence in the region.”
Established in 2009, The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The firm currently has more than 400 employees and 40 offices in Florida, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, Tennessee, Texas, Virginia and West Virginia. The Hilb Group is a portfolio company of Boston-based private equity firm, ABRY Partners.