The Hilb Group, a Glen Allen, Va.-based holding company that focuses on acquiring mid-market agencies, has purchased Venture Specialty Insurance. The Richmond, Va.-based Venture Specialty is an all-lines agency with two niche products offering coverage for transportation and cosmetic surgeries.
Venture Specialty’s founder and president, Jason Angus, will stay on at his agency and continue to serve as president. He will also assume the new role of chief marketing officer at The Hilb Group under the terms of the transaction.
“We are a holding company with a focus on acquiring mid-market agencies. This is our fourth transaction,” The Hilb Group CEO Robert J. Hilb told Insurance Journal. “We want to work with mid-market agencies where owners want to stay on and help us grow. We are looking for all-lines agencies with strong niches. We are very focused on property/casualty.”
The Hilb Group looks to acquire agencies that have between $1 million and $10 million in revenues.
The Hilb Group was founded in 2009 by Robert J. Hilb, a former corporate vice president of Hilb Rogal & Hobbs, and his father, Robert H. Hilb, co-founder and former CEO and chairman of Hilb Rogal & Hobbs. (Hilb Rogal & Hobbs was acquired by Willis Group for $2.1 billion in 2008.)
With headquarters in Glen Allen, Va., The Hilb Group has additional offices in Simsbury, Conn., Bay Shore, N.Y., Rochester, N.Y., and Westchester County, N.Y. It currently has 40 employees.
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