The Hilb Group announces another Massachusetts insurance agency acquisition
On September 10th, The Hilb Group (“THG”) announced another Massachusetts insurance agency acquisition, its third agency acquisition in the Commonwealth so far this year. Effective September 1, 2019, the Richmond-based middle market agency acquired Waltham-based The Incentive Group.
“Paul, Tim and their associates specialize in tailoring benefits programs for customers of all sizes,” said Ricky Spiro, CEO of THG. “IG’s team will complement our already strong New England benefits operations as we continue to strategically build a premier middle-market insurance and employee benefits platform.”
Founded in 1988, The Incentive Group has over 30 years combined industry experience as a full-service employee benefits consulting and brokerage firm. With over 2,500 clients, the firm provides solutions for a variety of industries and companies.
According to the terms of the transaction, The Incentive Group will continue to operate out of its current location and under the supervision of the firm’s co-founders Paul Beggan and Tim Nugent.
As business owners, we know that our customers’ needs change on an on-going basis. We started this company with their needs in mind,” said Tim Nugent. “With this partnership, our customers will continue to receive the same degree of customer service, backed by the resources and support of a national brokerage.”
Other Massachusetts insurance agencies THG has acquired since 2017
The following is a list of the insurance agencies and brokerage firms THG has acquired here in Massachusetts since 2017. Please note, while Agency Checklists has done it best to keep track of these types of acquisitions, it may not be a complete list.
- Massachusetts’ HR Knowledge Acquired By The Hilb Group (2017)
- The Hilb Group Acquires BAR Insurance Brokerage of Needham (2018)
- The Hilb Group Acquires Massachusetts DBR Group (2018)
- The Hilb Group, LLC Adds Mackintire Insurance Agency, Inc. (2018)
- The Hilb Group’s December Hat Trick: Three Mass. Agencies Purchased in a Month (2018)
- The Hilb Group Acquires the Marsh-Kemp Agency
- New England-based 360 Corporate Benefit Advisors Bought By The Hilb Group (2019)
How The Hilb Group has grown through acquisitions
In 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.”