The transaction was effective as of February 1st, 2016
According to the terms of the transaction, which became effective as of February 1st, co-owners Robert Miller and Mark McCartin will continue to lead the agency and its 31 employees. The agency will also continue to operate under the Dowling & O’Neil name.
“We pride ourselves in being a local Massachusetts company with nationwide outreach,” said Rob Miller, co-owner of Dowling & O’Neil. “Joining The Hilb Group will allow us to bring additional resources to New England, through a strong national network.”
Founded in 1841, the Dowling & O’Neil agency has operated in Hyannis for over 175 years. In addition to providing general property and casualty insurance products, the agency also boasts specialty niches in high net worth personal lines and healthcare.
“When two like-minded companies come together, great things are bound to happen,” said McCartin. “It’s a cultural fit, our goals are aligned and we have similar philosophies. I know we’ll find great success with this new partnership.”
The Hilb Group’s third acquisition in New England since June 2015
The acquisition of Cape Cod’s Dowling and O’Neil Agency marks the Hilb Group’s first transaction of 2016. It marks the third agency, however, the firm has acquired in New England as it looks to expand its footprint in this region. In June 2015, the Hilb Group acquired the Cornerstone Group, a benefit advisory firm, located in Warwick, Rhode Island and Gencorp Insurance Group, of East Greenwich, Rhode Island, a property-casualty and employee benefits broker.
Richmond-based Hilb Group portfolio company of Boston private equity partnership
Based in Richmond, Virginia, the Hilb Group formed in 2009, has grown through targeted acquisitions in the middle market insurance brokerage space. With the addition of Dowling & O’Neil, the Group now has 39 offices throughout 10 states: Florida, Kentucky, Maryland, Massachusetts, New York, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
In 2015, The Hilb Group became a portfolio company of ABRY Partners, a Boston-based equity fund. ABRY invests in high quality companies and partners with management to help build their businesses. Since its founding in 1989, ABRY has completed over $42.0 billion of leveraged transactions and other private equity, mezzanine or preferred equity placements, representing investments in over 450 properties.
ABRY concentrates on industry sectors where they have substantial operating and investment experience and seeks to bring their industry insight to the investment process to understand key issues, accurately assess opportunity, and bring relevant information to bear. ABRY seeks to partner with skilled executives and invest significant capital to help build stronger companies that become industry leaders.