Virginia Start-Up Hilb Group Acquires North Carolina, New York Agencies

The Hilb Group, a Virginia insurance brokerage launched in 2009 by the founder of what became one of the world’s largest brokerages along with his son, has added its first two partners as it begins building a mid-market commercial insurance brokerage firm.

The Hilb Group has acquired the business of Joseph Caruso who operates in Charlotte, N.C. and New York, N.Y. Caruso focuses on management liability and employee benefits for corporate clients. Caruso, a former managing director of Willis in New York, will lead The Hilb Group’s financial services practice.

As of July 1, 2010, The Hilb Group also owns J.J. Jerome Associates/EAI of Bay Shore, N.Y. The firm, founded by Jerry Jerome, provides specialized insurance programs to the physician and dental professions in New York. James Jerome will head JJJ/EAI for The Hilb Group along with the founder.

The Hilb Group was founded in 2009 by Robert H. Hilb, the former founder, CEO and chairman of Hilb Rogal & Hobbs (HRH), and his son, Robert J. Hilb, a former corporate vice president of HRH. Hilb Rogal and Hobbs which was acquired in 2008 for $2.1 billion by Willis in one of the largest reported brokerage acquisitions.

The Hilb Group said it seeks to take advantage of favorable market conditions and grow through targeted acquisition and strategic alliances in the middle market insurance brokerage space. The Hilb Group is based in Glen Allen, Virginia with offices in Connecticut, New York and North Carolina.

Topics Mergers & Acquisitions New York Agencies Virginia North Carolina