This is the second Massachusetts acquisition for the company in 2017
Property & casualty insurance and employee benefits broker, The Hilb Group, has announced another Massachusetts acquisition this month. The brokerage firm has acquired the Mid-State Insurance, Inc. as of September 1, 2017. This latest purchase marks the company’s 37th acquisition since its inception in 2009. In commenting on his company’s latest acquisition, Ricky Spiro, CEO of The Hilb Group said,
MSIA’s specialized products and services for auto dealerships add depth to the capabilities of our New England operations, while its experienced team will further enhance our presence in the region. This firm will be an excellent complement to THG as we continue to grow and add innovative solutions for our clients. We are extremely pleased to welcome Jim, Paul and their colleagues to our growing team.”
Mid-State operates out of two offices in Massachusetts
Operating out of two locations in Worcester and Taunton, MSIA is a full-service independent agency offering personal and commercial P&C insurance and employee products throughout New England with a focus on tailored risk management and insurance programs for automobile dealerships. The agency was designated both a “Five Star” Agency by the MAIA as well as being chosen as a 2017 Best Practices Agency by the IIABA or Big “I”.
“We are excited to join THG, and look forward to sharing our expertise while delivering expanded solutions and services to our clients and providing additional opportunities for our employees,” said Paul Pietro, CIC one of the managing partners of MSIA.
According to the terms of the transaction, all of MSIA’s former employees, as well as the agency’s former managing partners, Jim Pietro and Paul Pietro, haved joined THG. Operations also will continue out of both of MSIA’s former, and now THG’s offices, in Worcester and Taunton.
“This is a great opportunity to join a Top 50 insurance brokerage that reflects the same values that have made MSIA successful,” said Jim Pietro, CLU. “Being part of a larger organization will afford our clients the additional resources that THG has to offer, while they will continue to work with the service teams they know and trust.”
Richmond-based Hilb Group portfolio company of Boston private equity partnership
Formed in Richmond, Virginia in 2009, the Hilb Group has grown exponentially through targeted acquisitions in the middle market insurance brokerage space. With the addition of MSIA, the Group now has over 41 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.
The Hilb Group also announced a new CEO this month
In a separate company announcement, The Hilb Group also announced that on September 6th, it had welcomed former Chubb EVP and CFO, Richard G. Spiro, 53, as its new Chief Executive Officer.
In commenting on his appointment, Mr. Spiro, said, “I have greatly admired THG, which has a talented workforce and an unparalleled reputation for delivering high quality insurance products and excellent customer service to its clients. I am very excited to lead THG as we position the company to achieve new heights. I look forward to collaborating with my new colleagues to drive the company forward and help build enduring value for all of our stakeholders.”
He replaces outgoing CEO and THG Founder, Robert J. Hilb, who announced his departure in order to pursue other interests. “Under Bob’s leadership and vision, THG has grown to become a top 50 U.S. insurance agency and we thank him for his many contributions as we worked together to build THG’s business,” said Brent Stone, a member of THG’s Board of Directors and Partner at Abry Partners, a private equity firm which invested in THG in 2015.
A list of Massachusetts-based agencies acquired by The Hilb Group
For those who are interested, this is the fifth Massachusetts-based acquisition for The Hilb Group since 2015, The following is a list of the other Mass.-based agencies that the firm has acquired, along with links to Agency Checklists articles. Since we only started reporting on M&As and this agency in particular 2016, the 2015 transactions do not have links. Also, please note, while we try and keep up-to-date, this list may not be 100% complete.
- The Hilb Group acquires Sapers & Wallacks (2017)
- The Hilb Group Acquires Hyannis’ Dowling & O’Neil (2016)
- Hilb Group Announces Acquisitions of Insurance Firms Gencorp and Cornerstone (2015)