Hilb Rogal & Hobbs Company (NYSE:HRH), a worldwide insurance and risk management intermediary based in Richmond, Va., has agreed to acquire the operating assets of Insurance Services, Inc., (Insurance Services), a Wisconsin-based insurance broker. The transaction is expected to be completed on October 1, 2004. Terms of the transaction were not disclosed.
With roots dating back to 1868, Insurance Services is a retail insurance broker that provides risk management, commercial property and casualty insurance and employee benefits products. In 2003, the operation generated more than $6.8 million in revenue.
With the completion of the Insurance Services transaction, HRH will have acquired more than $63 million in revenues in 2004, exceeding its goal for the year of acquiring $30 million to $60 million in annualized revenues.
Insurance Services employs more than 50 insurance professionals who will continue serving clients from their office in Appleton, Wisconsin under the leadership of President Kelly P. Kornely. The operation is part of HRH’s Midwest region, lead by Vice President and Midwest Regional Director John P. (Jack) McGrath.
Additional information about HRH may be found at www.hrh.com.