The Hilb Group, an American insurance brokerage has acquired Clark & Lavey Benefits Solutions for an undisclosed sum.
The acquisition, which became effective on 1 November 2021, will increase Hilb Group’s presence in New England region and enhance its employee benefits portfolio.
As per the terms of the agreement, agency principal Paul Clark and his team will join Hilb Group’s New England regional operations.
The deal includes Clark & Lavey’s medical captive solution InCap as well.
InCap provides an alternative to traditional health insurance plans and is said to offer additional control and help reduce costs and risks.
Hilb Group CEO Ricky Spiro said: “The addition of Clark & Lavey represents a perfect fit for our growth strategy. The depth of knowledge and loyalty Paul Clark and his team have been able to foster with their customers – through a true commitment to unique, innovative products and offerings – represents a great addition to our employee benefits team and the expert service that the Hilb Group delivers.”
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Clark said: “For more than two decades, we have been fortunate to experience steady growth through innovation, and we look forward to building on that success as we join the Hilb Group. We are excited to continue to develop customer-focused strategies while staying true to our dedication to delivering the best in customized solutions for our clients.”
In October this year, Hilb Group bought Gerardi Insurance to bolster its presence in the New England region.