A Glen Allen insurance firm known for its buying binges has cut yet another deal.
The Hilb Group, an insurance brokerage, last week acquired Maryland-based Pennoyer Group Inc., which specializes in selling liability policies for real estate agents. The acquisition is the Hilb Group’s third since late December and its seventh since it was founded three years ago.
Financial specifics of the Pennoyer transaction were not disclosed.
Led by founder Bob Hilb and armed with a $10 million war chest backed by a New York private equity firm, the company acquires insurance agencies to be owned under the Hilb umbrella.
In December, it acquired CSE Insurance Agency in Abingdon, Va., and CSE Financial Services in Wise, Va., giving the firm a stronger foothold in the western part of the state. It also bought B&H Insurance Services of Winston-Salem, N.C.
The latest purchases were funded by $10 million in fresh capital Hilb received in the fourth quarter from BHMS Investments, a New York investment firm. Hilb sold a majority stake of itself to BHMS in 2010 in exchange for a previous round of capital. It has received about $23 million from BHMS.
Hilb’s first purchase with BHMS money was Richmond-based Venture Specialty Insurance in 2011.
Hilb Group brings in just under $15 million a year in revenue. Hilb has said he hopes to grow that figure to between $50 million and $100 million.
With its purchase of Pennoyer, Hilb gets offices in Crofton, Md., and Bel Air, Md., and will add to the firm’s roster of more than 100 employees.
Hilb Group was founded in 2009 after Hilb, Rogal and Hobbs, a former Richmond insurance giant, was sold in 2008 in a $2.1 billion deal to Willis, one of the biggest insurance brokers in the world.
A Glen Allen insurance firm known for its buying binges has cut yet another deal.
The Hilb Group, an insurance brokerage, last week acquired Maryland-based Pennoyer Group Inc., which specializes in selling liability policies for real estate agents. The acquisition is the Hilb Group’s third since late December and its seventh since it was founded three years ago.
Financial specifics of the Pennoyer transaction were not disclosed.
Led by founder Bob Hilb and armed with a $10 million war chest backed by a New York private equity firm, the company acquires insurance agencies to be owned under the Hilb umbrella.
In December, it acquired CSE Insurance Agency in Abingdon, Va., and CSE Financial Services in Wise, Va., giving the firm a stronger foothold in the western part of the state. It also bought B&H Insurance Services of Winston-Salem, N.C.
The latest purchases were funded by $10 million in fresh capital Hilb received in the fourth quarter from BHMS Investments, a New York investment firm. Hilb sold a majority stake of itself to BHMS in 2010 in exchange for a previous round of capital. It has received about $23 million from BHMS.
Hilb’s first purchase with BHMS money was Richmond-based Venture Specialty Insurance in 2011.
Hilb Group brings in just under $15 million a year in revenue. Hilb has said he hopes to grow that figure to between $50 million and $100 million.
With its purchase of Pennoyer, Hilb gets offices in Crofton, Md., and Bel Air, Md., and will add to the firm’s roster of more than 100 employees.
Hilb Group was founded in 2009 after Hilb, Rogal and Hobbs, a former Richmond insurance giant, was sold in 2008 in a $2.1 billion deal to Willis, one of the biggest insurance brokers in the world.