The Hilb Group, a middle market insurance agency based in Richmond, Virginia, announced Wednesday that it has acquired Raley, Watts & O’Neill (RWO), an independent agency based in the town of California in Maryland.
Terms of the transaction, which became effective March 1, were not disclosed.
Founded in 1950, RWO offers general insurance products and services alongside a variety of specialty programs for health care facilities, social services providers, federal contractors, fire and EMS organizations and marinas.
Rick Tepel, RWO’s chief executive officer, and Gordon O’Neill, president, will continue to lead RWO’s 21 employees under its existing name. RWO has offices in California, LaPlata and Columbia, Maryland, as well as an office in Charleston, South Carolina. All four locations will continue to operate after the transaction.
The Hilb Group said the RWO acquisition will strengthen its mid-Atlantic arm. The RWO deal is The Hilb Group’s third transaction in 2016 and 10th in the past 12 months.
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 500 employees and 45 offices in Florida, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, South Carolina, Tennessee, Texas, Virginia and West Virginia. The Hilb Group is a portfolio company of Boston-based private equity firm, ABRY Partners.