Hilb, Rogal and Hamilton Announces Merger with Freberg Group

December 23, 2002

Hilb, Rogal and Hamilton Company, the world’s tenth largest insurance intermediary, announced that it has signed definitive merger agreements with the Freberg group of companies (Freberg), expected to be effective Jan. 1, 2003. Terms of these combination Common Stock and cash transactions were not disclosed.

With annual revenues of more than $10 million, Freberg has seven office locations in three states: Colorado, Wyoming and Texas. Freberg derives approximately half its revenues from its largest single operation, Freberg Environmental, the remainder being generated from a full range of risk management, retail property/casualty and employee benefits products and services.

Freberg Environmental, a managing general agent of environmental risks, serves clients and insurance brokers nationally. Michael J. Hill, president of Freberg Environmental, and his staff will continue operating as a separate profit center in their current Denver location. Freberg’s two other Denver offices will combine forces with HRH at HRH’s current location in that city. William Creedon, president of HRH of Colorado, will oversee the newly combined operation. William S. Freberg will join HRH of Colorado as a vice president.

Neal H. Gehring, president of Freberg’s three Wyoming offices, and his staff will continue serving clients from their existing locations as branch offices of HRH of Colorado. Freberg’s Colorado and Wyoming operations will become part of HRH’s West Region under the direction of Michael A. Janes, HRH’s West regional director.

James M. Zales will continue to operate Freberg’s seventh office, located in Tyler, Texas, as part of HRH’s Central Region under the direction of William L. Chaufty, Central regional director.

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