A local insurance brokerage firm has had a busy week.
The Hilb Group announced Tuesday that it opened a new office in Rochester, N.Y., and has expanded its existing office in Bay Shore, N.Y.
The move comes just days after the company closed on the acquisition of Richmond-based insurance agency Venture Specialty Insurance for an undisclosed amount.
The Hilb Group’s growth plans are being carried out thanks to a deal in June by which it received eight figures worth of capital from a New York private investment firm in exchange for majority interest.
The company, which is based in Glen Allen and buys and operates insurance agencies, has made three acquisitions since it was founded in 2009.
It first expanded into New York via acquisition of Endorsed Administrators, Inc., an insurance agency in Bay Shore in 2010.
With this latest expansion, the Hilb Group lured three employees from another firm in Rochester and opened a new office there. It also added an employee to the Bay Shore operation.
Hilb Group chief executive Bob Hilb has said the company will utilize its capital war chest for further expansion over the next 18 months.
A local insurance brokerage firm has had a busy week.
The Hilb Group announced Tuesday that it opened a new office in Rochester, N.Y., and has expanded its existing office in Bay Shore, N.Y.
The move comes just days after the company closed on the acquisition of Richmond-based insurance agency Venture Specialty Insurance for an undisclosed amount.
The Hilb Group’s growth plans are being carried out thanks to a deal in June by which it received eight figures worth of capital from a New York private investment firm in exchange for majority interest.
The company, which is based in Glen Allen and buys and operates insurance agencies, has made three acquisitions since it was founded in 2009.
It first expanded into New York via acquisition of Endorsed Administrators, Inc., an insurance agency in Bay Shore in 2010.
With this latest expansion, the Hilb Group lured three employees from another firm in Rochester and opened a new office there. It also added an employee to the Bay Shore operation.
Hilb Group chief executive Bob Hilb has said the company will utilize its capital war chest for further expansion over the next 18 months.
thanks.