Large insurance broker Hilb Rogal & Hobbs Co., based in Richmond, Va., has agreed to acquire the stock of The Urman Co., a Denver-based retail employee benefits and property and casualty brokerage. Terms of the transaction, which is expected to close on June 1, 2007, were not disclosed.
Founded in 1970 as a brokerage for the insurance needs of school executives and for the employee benefits plans for Colorado school districts, the current incarnation of The Urman Co. was formed by its current CEO and owner, Frank Urman, in 1988. With annualized revenues of approximately $4.7 million in 2006, Urman has developed expertise in managing public educational entities and municipalities.
Uman’s staff of 54 professionals plans to continue operating out of their existing locations, which include additional branches in Dillon and Brighton, Colorado and Cheyenne, Wyoming.
Urman will join HRH’s West Region under the leadership of Vice President and West Regional Director, William F. Creedon.
Source: Hilb Rogal & Hobbs Co.
www.hrh.com
Topics Mergers & Acquisitions Agencies
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