Hilb Group buys Massachusetts insurance agency

Published November 12, 2019 by Robert Powell, III

The Hilb Group, a rapidly growing insurance broker based in Henrico County, has acquired a Massachusetts-property and casualty agency.

Hilb said it bought Gould & Naimoli Partners LLC, based in Southborough, Massachusetts, in a deal that closed on Nov. 1.

Financial details of the deal were not disclosed.

Founded in 2010, G&N primarily provides personal lines of insurance to New England real estate owners.

Hilb said G&N will continue to operate out of its Massachusetts location under the leadership of Zack Gould and Matt Naimoli.

Founded in 2009, Hilb now has more than 90 offices in 21 states employing more than 900 people.

The Carlyle Group, a Washington, D.C.,-based global investment firm, announced in late October that it will acquire a majority interest in Hilb by the end of the year.

Hilb has been a portfolio company of Abry Partners, a Boston-based private equity firm, since 2015.

When the Carlyle deal was announced, an Abry partner said Hilb had completed for than 60 acquisitions in the past four years.