The Rhode Island-based agency will lead THG’s Medicare wholesale operation
The Hilb Group has added another New England insurance agency to its team. The Richmond-based insurance brokerage and advisory firm have announced its acquisition of Rhode Island’s Compass Planners, effective as of February 1, 2021.
Based in West Greenwich, Rhode Island, Compass Planners is a specialized Medicare Advantage business led by Jim Soucy.
“Jim and his team will bring growth to an important business segment of THG,” said Ricky Spiro, THG CEO. “We welcome them and the success they are sure to bring to our National Benefits Practice as it grows and develops.”
According to the terms of the transaction, the entire Compass Planners team, which includes Mr. Soucy and his three colleagues, will join The Hilb Group’s Cranston, Rhode Island office. Mr. Soucy has been charged with leading the Medicare Practice for all of The Hilb Group’s offices nationwide and will assume responsibilities in running THG’s Medicare wholesale operation.
Headquartered in Indianapolis, THG’s Medicare wholesale operation currently serves over 100 independent insurance agent partners. Going forward, Mr. Soucy will focus on growing both THG”s retail and wholesale offerings to agents, in addition to expanding and creating additional value to THG’s current client relationships.
“This is an exciting opportunity for us,” says Jim Soucy. “We are eager to align our goals with those at THG and help build a bigger and better Medicare practice.”
THG continues to grow its presence throughout New England
The following is a list of the Massachusetts-based agencies that the Hilb Group has announced since 2009. Since Agency Checklists only began reporting on M&As and this agency in particular in 2016, the 2015 transaction does not have a link. In addition, prior to this year we did not cover agency acquisitions outside Massachusetts, as such, additional acquisitions by THG in New England are not reflected below.
- Chatham’s Eldredge & Lumpkin Sold To The Hilb Group (2020)
- The Hilb Group Acquires Group Brokerage Insurance Agency (2020)
- 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 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.”
