The Hilb Group, a Richmond, Virginia-based middle market insurance agency, today announced its acquisition of two New England insurance brokerage firms: Cornerstone Group, a benefit advisory firm in Warwick, Rhode Island; and Gencorp Insurance Group, a property/casualty and employee benefits broker in East Greenwich, Rhode Island. Terms of the transaction were not disclosed.
The Hilb Group said operations of Cornerstone Group and Gencorp Insurance Group will be combined and will serve as the platform for the Hilb Group’s future expansion in New England. The Hilb Group said that by combining Gencorp’s property/casualty insurance offerings with Cornerstone’s employee benefits, HR consulting, and retirement businesses, the consolidated company would offer a single-source service for businesses and individuals.
Cornerstone Group and Gencorp will continue to do business under their current operating names. Their existing management and leadership teams will remain intact and the equity partners of both firms will continue to be partners in the consolidated company, the announcement said.
The Hilb Group said it seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The firm now has 33 offices in Florida, Georgia, Kentucky, Maryland, New York, North Carolina, Rhode Island, Tennessee, Virginia, and West Virginia.
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