The Richmond-based Hilb Group LLC (THB) has acquired The Pennoyer Group Inc., a Maryland insurance broker.
Details of the transaction, which closed Jan. 31, were not disclosed.
Pennoyer, founded in 1978 by Paul Pennoyer, is based in Crofton, Md., with another office in Bel Air, Md.
Pennoyer provides personal and commercial insurance as well as a national specialty niche insurance program targeting real estate agent professional liability.
Robert J. Hilb, the president and CEO of The Hilb Group, said the deal is part of the company’s strategic plan to acquire mid-market insurance agencies on the East Coast. “We believe that with THG, Pennoyer can grow aggressively in the D.C.-Baltimore area,“ he said in a statement.
The Hilb Group was founded in 2009 by Robert H. Hilb, the former founder, CEO and chairman of Hilb Rogal & Hobbs, and Robert J. Hilb, a former corporate vice president of HRH.
The Hilb Group plans to grow through targeted acquisitions and strategic alliances in the middle market insurance brokerage space.
The Hilb Group has offices in Virginia, North Carolina, Tennessee, Georgia, Maryland, Connecticut and New York.
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