Hilb Group, a US-based insurance brokerage and advisory services provider, has acquired OceanPoint Insurance for an undisclosed sum.
The acquired firm is based in Middletown, Rhode Island and is engaged in offering employee benefits and property and casualty insurance solutions.
The deal bolsters Hilb’s presence in the New England region where OceanPoint has been offering its services for over 150 years.
Under the terms of the agreement, agency principal Doug Mayhew, together with his group of insurance experts, will join the Hilb Group’s regional operations in New England.
Hilb Group CEO Ricky Spiro said: “OceanPoint aligns perfectly with our strategy of growing among industry leaders, as the agency brings a tremendous history of insurance experience and expertise, combined with deep, trusted client relationships, broad market presence, and an outstanding reputation.”
Mayhew said: “Joining the Hilb Group presents an exciting opportunity for our business and those we serve. The partnership we have created will deliver greater access to resources for our agency, our employees, and our customers.
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“We approached this process carefully and realised that the Hilb Group’s service-driven culture represented the ideal fit for our team and the customers that depend on us.”
In September this year, Hilb acquired Massachusetts-based Cook & Company, which offers health plan consulting solutions and brokerage services to employers.
Richmond, Virginia-headquartered Hilb is a portfolio company of the Carlyle Group and it claims to have completed over 145 acquisitions with over 100 offices in 23 states.