Hilb Group announces third December acquisition

Henrico County insurance company buys Plan Benefit Services Inc.

Published December 18, 2020 by Sydney Lake

In its third acquisition announcement this week, Henrico County-based insurance company The Hilb Group LLC (THG) has acquired Lexington County, South Carolina-based employee benefits consulting, management and brokerage firm Plan Benefit Services Inc. (PBSI), effective Dec. 1.

Financial details of the acquisition were not disclosed.

Founded in 1986, PBSI provides employee benefits, retiree benefits, individual insurance and compliance consulting. PBSI President Branford Armstrong and PBSI associates will join THG’s Southeast operations and continue work out of its South Carolina office under the acquisition.

“With our tradition of excellence, we are confident that joining THG will allow us to provide our clients additional resources and the support of a national brokerage while they will continue to work with a team they know and trust,” Armstrong said in a statement.

Since 2015, THG has acquired more than 60 companies.

“We look forward to partnering with the innovative team of professionals at PBSI,” THG CEO Ricky Spiro said in a statement. “PBSI is committed to delivering tailored benefits solutions and sound advice; this falls right in line with the THG values.”

THG was founded in 2009 and has been a portfolio company of Washington, D.C.-based investment management company The Carlyle Group since late 2019. Across its 90 offices in 21 states, the company employs more than 900 people.