The Hilb Group LLC (THG), a property and casualty insurance and employee benefits broker based in Richmond, Va., has announced the acquisition of Massachusetts-based Mid-State Insurance Agency Inc. (MSIA). The transaction became effective September 1, 2017. MSIA is THG’s 37th acquisition since it was founded in 2009.
Following the transaction, MSIA’s employees, including managing partners Jim Pietro and Paul Pietro, are joining THG and will continue to operate out of its two offices in Worcester, Mass., and Taunton, Mass.
MSIA provides a range of property and casualty insurance and employee benefits products to businesses and individuals throughout the New England region. It specializes in developing tailored risk management and insurance programs for automobile dealerships. Its specialized products and services for auto dealerships will add depth to the capabilities of THG’s New England operations, while MSIA’s experienced team will further enhance THG’s presence in the region, said THG CEO Ricky Spiro in a company press release.
For MSIA, being part of a larger organization will give its clients access to additional resources while continuing to work with the service teams they trust, Jim Pietro said in the release.
THG is a Top 50 middle market insurance agency and is a portfolio company of Boston-based private equity firm, Abry Partners. THG seeks to grow through targeted acquisitions in the middle market insurance brokerage space.
Source: The Hilb Group
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
