Insurance broker Hilb Rogal & Hobbs Co. has agreed to purchase Banc of America Corporate Insurance Agency, L.L.C., a segment of Bank of America, N.A., and a middle market insurance intermediary in the northeastern United States.
BACIAhas more than 300 full-time employees and manages $1.2 billion in commercial insurance and employee benefits retail premiums annually.
The transaction excludes the consumer insurance business of Bank of America, N.A.
The transaction is expected to be completed during the fourth quarter of 2007, subject to applicable regulatory approval. Terms of the transaction were not disclosed.
Headquartered in Cranford, New Jersey, BACIA has 15 locations in seven states. Formed through the acquisition and integration of six independent agencies, BACIA has grown to become the 27th largest U.S. insurance intermediary and the 6th largest bank-owned insurance intermediary, reporting 2006 revenues of approximately $66.3 million.
BACIA’s middle market focus includes employee benefits, which comprises more than half of its revenues, public sector organizations and private equity businesses.
“This acquisition will enhance HRH’s presence throughout the northeastern United States, especially with BACIA’s strong concentration in the metropolitan markets of New Jersey, Pennsylvania and New York City, and additional growing practices in New England,” HRH Chairman and Chief Executive Officer, Martin L. (Mell) Vaughan, III, said.
Source: Hilb Rogal & Hobbs Co.
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