Hilb Rogal & Hobbs Company, an insurance and risk management intermediary, has acquired substantially all of the assets of Ed Murray & Sons Inc. (EMS), a Wyoming-based insurance broker. Terms of the transaction were not disclosed.
EMS is a property and casualty insurance brokerage firm with expertise in construction, including surety, medical malpractice, moving and storage, condominium, and retail and distribution business.
Headquartered in Cheyenne, Wyoming, with a branch office in Ft. Collins, Colorado, EMS is Wyoming’s oldest insurance agency, with roots tracing back to 1877. The two principals, William (Bill) Murray, II and Garth Boreczky, acquired ownership of the firm in 1996 and since then have increased revenues threefold. Annual revenues for 2004 were more than $3 million. Bill, Garth and their staff will continue serving clients from their offices as part of HRH’s Colorado profit center, under the leadership of William Creedon, president, and the direction of HRH West Regional Director Michael Janes.
The EMS transaction is HRH’s second acquisition of 2005. In 2004, HRH acquired nine brokerages with annualized revenues of more than $80 million. All HRH acquisitions must be accretive to net operating earnings per share in the first year.
Topics Mergers & Acquisitions
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