The Hilb Group is on a bit of a tear in Massachusetts. As of November 2018, this Richmond-based agency had acquired seven agencies located in Massachusetts.
In December, the Hilb Group added three more Massachusetts agencies to its portfolio.
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 the three Massachusetts agencies in December, the Group now has 65 offices in 17 states including Florida, Kentucky, Maryland, Massachusetts, New York, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
The secret sauce in the Hilb Group’s acquisitions: Deep pockets
uhe HIn 2015, The Hilb Group became a portfolio company of ABRY Partners, a Boston-based equity fund headquartered at 888 Boylston Street.
ABRY invests in high-quality companies and partners with their 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.
According to ABRY, its strategy concentrates on industry sectors where they have substantial operating and investment experience and seek to bring their industry insight to the investment process.
In the case of ABRY’s investments in the Hilb Group, it notes the strategy is “to grow through targeted acquisitions in the middle market insurance brokerage space.” ABRY and the Hilb Group that they “will continue this strategy, as the insurance industry remains highly fragmented and prime for consolidation.”
The Hilb Group’s first Massachusetts agency acquisition for the month
On December 12, 2018, The Hilb Group, LLC announced the acquisition of the Massachusetts-based Mackintire Insurance Agency, Inc.
The Mackintire Agency is a commercial and personal lines retail insurance agency that was founded in 1991. The agency is located at 11 West Main Street, Westborough, MA in Westborough, MA, the company serves clients throughout Massachusetts and specializes in the hospitality industry. Per the announcement,
Robert Mackintire and his associates will continue to operate under the company’s existing name.
See Agency Checklists’ article of December 18, 2018, “The Hilb Group, LLC Adds Mackintire Insurance Agency, Inc.”
The Hilb Group’s second Massachusetts agency acquisition for the month
On December 18, 2018, after Agency Checklists had suspended its weekly updates until January 8, 2019, for the Holidays, the Hilb Group announced it had acquired Bruce Crohn, LLC located in Cambridge.
Bruce Crohn LLC, founded in 2009, is an employee benefits consulting and insurance brokerage firm specializing in small to mid-sized companies. The agency assists its company clients with the design, marketing, and support services for their group sponsored health, dental and life & disability plans primarily.
The firm’s knowledge, expertise, and quality service are reflected in the day-to-day interactions with their clients; including employee group and individual meetings, fielding employee and management questions throughout the year and in vendor relationships and negotiations.
Bruce Crohn, the Managing Director of the Crohn Agency, said about the acquisition, “As we looked for new opportunities to help our clients grow their businesses, we found [the Hilb Group] to be a perfect fit for our company….”
“Crohn is a highly respected and fast-growing agency,” said Richard Spiro, CEO of the Hilb Group. “As we continue to build a strong presence in the New England region, we are confident that Crohn will further strengthen our benefits capabilities. We are excited to have the talented and highly experienced associates at Crohn join our team.”
The Hilb Group’s third Massachusetts agency acquisition for the month
On December 26, 2018, the Hilb Group announced its third Massachusetts insurance agency acquisition of the month, the H.J. Knight International Insurance Agency, Inc. of Braintree.
In making the announcement, Richard Spiro, the CEO of the Hilb Group said, “In the past few years, [Knight International] has developed a reputation as one of the fastest growing insurance and risk management advisory firms in Massachusetts,” and “”Welcoming [its] talented associates to our expanding team will continue to strengthen our New England region.”
“[The Hilb Group’s] vision for the future is in perfect alignment with our development plan and our clients’ needs,” said Matt Lanza. “We can continue to focus on providing innovative solutions for our clients but now with the added benefit of [the Group’s] presence across the countryd similar mission and culture.”
Founded in 1987, Knight International specializes in alternative risk management solutions for commercial clients throughout the United States. Through alternative risk transfer and creative program design, Knight International has tried to providing its clients with the most cost effective and comprehensive insurance available in the marketplace; a strategy that translates significant savings directly to the client’s bottom line.
According to the Hilb Group, Knight International’s Managing Director, Matt Lanza, and his team will continue to operate out of the agency’s Braintree office.