Richmond, Virginia-based insurance brokerage The Hilb Group (THG) has snapped up Star Insurance Agency, a full-service agency headquartered in Indiana.
The value of the deal, which took effect on 1 March 2021, was not disclosed.
Commenting on the newly acquired business, THG CEO Ricky Spiro said: “The firm has long-standing client relationships and a wonderful reputation in the marketplace.”
The Star Insurance team, including Leslee Robinson and Billy Davenport, will now move to THG of Indiana.
Star Insurance provides personal and commercial insurance services. These include P&C as well as employee benefits.
Similarly, THG, which is a portfolio company of investment firm The Carlyle Group, offers property and casualty and employee benefits insurance brokerage services.
Davenport noted: “THG offers a unique opportunity to bring more robust services to our clients. We are excited to grow our business with the resources the THG brings to the agency.”
THG eyes growth through strategic acquisitions and the latest deal continues this growth trajectory.
In February this year, the firm bought Florida-based Regency Insurance Group (RIG). RIG is a property and casualty agency focused on serving households throughout Florida. It offers home, auto, flood, as well as watercraft insurance.
Last year, THG acquired New York-based BR Vital Brokerage (BRV).
BRV is an independent brokerage that offers property and casualty insurance. It specialises in providing liability coverage to medical professionals.
The firm has closed over 100 acquisitions till now. At present, it has more than 100 offices across 20 states.