THG continues expanding its geographic footprint in Massachusetts in 2020
The Hilb Group has acquired another Massachusetts insurance agency. Effective January 1, 2020, the Richmond-based middle-market brokerage firm acquired Group Brokerage Insurance Agency, LLC (“GBIA”). According to the terms of the transaction, John Siracusa, Founder of GBIA, and his team will join THG’s New England operations upon completion of the sale.
Based in Waltham, Massachusetts, GBIA is an employee benefits agency primarily providing group medical, dental, life, short & long-term disability, and long-term care insurance.
“We are excited to join forces with THG,” said Siracusa. “Now as part of a top 25 national broker with full-service capabilities, we will be able to offer our existing customers with more robust coverage options, access to additional markets, and many value-added services.”
“GBIA has a comprehensive array of product offerings that are well aligned to further expand our employee benefits solutions in our New England region,” said Ricky Spiro, CEO of THG. “We are thrilled to welcome John and his associates to THG’s New England team.”
Other Massachusetts insurance agencies THG has acquired since 2015
The latest insurance agency acquisition in Massachusetts marks THG’s first acquisition announcement in the Commonwealth for the year 2020. Overall, however, it marks the seventeenth agency acquisition here since 2015.
The following is Agency Checklists’ running list of the Massachusetts-based agencies that the Hilb Group reportedly acquired since 2009. Since we only started reporting on M&As and this agency in particular in 2016, the 2015 transaction does not have a link.
- Another Massachusetts Insurance Producer Joins The Hilb Group (2019)
- The Hilb Group Acquires Southborough-based G&N Insurance
- The Hilb Group Adds Massachusetts-based, The Incentive Group To Its Growing Massachusetts Base (2019)
- The Hilb Group Acquires The Handy-Apple Valley Agency (2019)
- New England-based 360 Corporate Benefit Advisors Bought By The Hilb Group (2019)
- The Hilb Group Acquires Massachusetts’ Marsh-Kemp Insurance Agency (2019)
- The Hilb Group’s December Hat Trick: Three Mass. Agencies Purchased In A Month (2018)
- The Hilb Group, LLC Adds Mackintire Insurance Agency, Inc. (2018)
- The Hilb Group Acquires Massachusetts DBR Group (2018)
- The Hilb Group Acquires BAR Insurance Brokerage of Needham (2018)
- Massachusetts’ HR Knowledge Acquired By The Hilb Group (2017)
- Massachusetts’s “Five Star” Agency, Mid-State Insurance, Purchased by THG (2017)
- 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)
THG is now a top 30 insurance agency in the United States
Formed in Richmond, Virginia in 2009, the Hilb Group has grown exponentially through targeted acquisitions in the middle market insurance brokerage space. THG now boasts now has over 90 offices throughout 21 states including 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. In October 2019, The Hilb Group itself was sold to The Carlyle Group in a deal valued at over a billion dollars. For those interested in reading more about this deal, please refer to Agency Checklists’ November 5, 2019 article entitled, “The Hilb Group Is Sold To The Carlyle Group.”